According to a recent report by Global Market Insights, the blockchain market in the Asian Pacific region has seen significant progressed, thanks to the upsurge in the number of investments in blockchain-based firms. The report also made revelations that the market is expected to hit over 16 billion US dollars in the next few years, likely by 2025.
Back in 2016, the number of investments that were made in blockchain-based startups (including Ripple as it got in the game in 2013) was approximately over 130 deals. At the time, those deals brought over 545 million US dollars to the market, laying a good foundation for the market to grow by over 50 percent the following year, which saw the market gaining over 1 billion US dollars from such deals.
The increase in funds is a sign of the acceptance and continuous development of new technologies, that strive to retain and grow the number of investors in the blockchain. As a result of this, blockchain technology continues to witness a significant increase in adoption, even from traditional industries. Take the fruity relationships of Ripple (XRP) with giant financial institutions such as Banco Santander, for example.
One of the products that are keen not to be left behind in the front of innovation is the Digital Ledger Technology, which has been experiencing large growths in adoption levels. This does include not only large firms but also some of the upcoming SMEs in the world of business. Some of the giant companies that are embracing digital ledger technology into their operations include IBM, Amazon, Abra, Microsoft, Earthport, Blockstream, Asta Salotions, Bacoor, Coinbase, Blockstream, Bloq, Digital Asset Holding, BTL Group, Chain, SAP, BitSE, R3, and Ripple among many other companies.
Invoice financing is a well-known business function in both small and medium companies that are in burning need of cash. For those who might not be aware, invoice financing is the process that involves businesses trading off their invoices to third-party financers in exchange for instant funds. These invoices are traded off to financers at discounted figures which allows them to later cash with the debtors to get the full amount. It has been a different idea from Ripple blockchain as of now, but a good one, we must agree.
For example, a person who is running their business is supposed to be paid 15,000 US dollars from its debtors, but the date of payment is about a month away, but the person urgently needs cash to purchase a new machine. The person can sell off the 15,000 US dollars’ worth of invoices to a financer to get an instant 10,000 US dollars in cash. The financer can later claim the entire sum of 15,000 US dollars from the debtor creating a win-win situation for both parties. Invoice financing is big in the European Union and the US but is steadily growing in the Asian Pacific region.
Singapore Authorities Considering Ripple Blockchain-based Invoice Trading Platform
Throughout the world, blockchain technology is making data management more efficient while ensuring security and interoperability is core in their operations. Governments of countries such as Singapore are making headways in adopting this new technology by making numerous policy changes and initiatives to gain a better understanding of blockchain technology and to benefit from it maximally.
In Singapore, DBS Bank, Infocomm Development Authority of Singapore (IDA), and Standard Chartered Bank developed a proof of concept for their blockchain-based invoice trading platform. The platform uses distributed ledger technology of Ripple (XRP) to support the project for tracking invoices, reducing invoice duplication risks, backing loans to suppliers while maintaining the confidentiality of their customers.
Subsequently, the authority intends to develop a platform that will allow banks and financial institutions to convert invoices into virtual assets on a distributed ledger (of course on Ripple blockchain). Considering that participants are allocated a cryptographic identity, privacy is maintained, while the information concerning the status of the invoices seeking funds is accessible to all concerned users.
The Ripple-based project by Singapore authorities, which is yet to be given a name is predicted to be an open ecosystem that is going to allow neutral third parties to participate and verify the legitimacy of a trade document being financed.
XRP Price Stable Against Coinmotion Criticism
On Feb 15, the XRP is moving up slightly, trading at $0.3089.
Over a few weeks, the crypto has been forming a triangle, still without testing either the resistance or the support. The MACD is however moving up, which makes the resistance breakout at 0.3047 more likely; this may then push the price to 0.3230. The overall trend is descending, though, so once the resistance at 0.3047 gets broken out, the price may also be sent to the support at 0.2899 and then break it out, heading towards the midterm support at 0.2804, and the target at $0.2470.
Coinmotion, a crypto exchange based on Finland, added the XRP to its portfolio. At the same time, the exchange published an article called XRP Is a Centralized Digital Currency, saying that the altcoin is not really a crypto.
The article author, Pessi Peura, says the investing process shows that Ripple is more like a security than a crypto. Besides, the token is developed by a single company, which is risky: in case Ripple Labs loses its reputation in any way, the XRP will have big problems.
Finally, Peura says Ripple Labs is controlling its tokens, which is totally against the decentralized network principles. This is actually the most curious thing, as Ripple Labs says its token is autonomous, and no monopoly is possible.
Ripple has not commented on the article yet, but is likely to comment soon, as the company is usually quick at reacting at any criticism in the media. Most likely, Ripple Labs will say the usual thing regarding XRP having nothing to do with securities.
Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
Bank-based Cryptocurrencies Not Realistic: Ripple CEO
ipple Chief Executive Officer (CEO) Brad Garlinghouse recently said that bank-based cryptocurrencies are not realistic and he believes they are “deeply misguided” for the entire industry.
These remarks come in the wake of the news reports that announced that the international bank, JP Morgan was all set to announce its own coin, JPM token. As earlier reported by Crypto-News India, the trials for the cryptocurrency, named as “JPM Coin” will begin in a few months and is designed for instant settlement of payments between clients. With the launch of its new cryptocurrency, the bank is preparing for the future to settle the transactions at lightning speed similar to that of Bitcoin rather than relying on old technology like wire transfers.
At the time, Umar Farooq, J.P. Morgan’s Head of Blockchain projects had said, “So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction. The applications are frankly quite endless; anything, where you have a distributed ledger which involves corporations or institutions, can use this.”
This is not the first time Garlinghouse expressed doubts about bank-based cryptocurrencies. In 2016, he had reportedly said, “A bank-issued digital asset can only really efficiently settle between the banks who issued it. Then, two scenarios can play out.”
Detailing those scenarios, the Ripple CEO had stated, “Scenario one: all banks around the world put aside competitive and geopolitical differences, adopt the same digital asset, agree on its rules, and harmoniously govern its usage. Fat chance. Scenario two (the more likely scenario): banks not in the issuing group issue their own digital assets with their own sets of rules and governance.”
Throwing in a good word about XRP, the CEO said, “We strongly believe banks need an independent digital asset to enable truly efficient settlement and we believe XRP is best positioned for that role.”
It remains to be seen, how exactly XRP intends to do what it had set out to do.
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Ripple new version of XRP Ledger 1.2.0 launched
- XRP Ledger requested to update the code before February 27.
- XRP Ledger 1.2.0 is more resistance to censorship.
The San-Francisco-based blockchain company Ripple is reported to have released a new version of its renowned XRP ledger 1.2.0. The new version is designed to improve user experience as well expand the range of services it is offering.
The users of the ledger are requested to update to the latest version before February 27, 2019. The upgrade is vital because without it, the server won’t be able to determine the authenticity of the ledger and in return transactions will not be processed neither will they be submitted.
What has changed?
The new version according to the team at Ripple, is more resistance to censorship. This means that the transaction being processed cannot be determined by any single entity. Moreover, the transaction will remain immutable after entering the ledger. While the previous version was resistance to censorship, the team claims that this version greatly improves the feature. Warnings will be issued if there are attempts to interrupt the working of the ledger.
Furthermore, the upgrade has integrated what is commonly referred to as MultiSignReserve amendment. Ripple has now made it easier who take part in signing transactions while reserving only 5 XRP. Other updates included bug fixing and removal of errors on two transactions.
The company has also launched a bounty program. Developers have been requested to review all the updates in the new version and communicate to the company in the event any vulnerabilities are detected.