David Schwartz: Ripple is fixing the broken payment industry2 min read


During a “WeAreDevelopers World Conference 2019” in Berlin, Ripple’s CTO David Schwartz emphatically remarked on how Ripple is modernizing the payment industry.

So far, Ripple as a San Francisco based blockchain company is revolutionizing the payment system via its various blockchain products such as RippleNet, xCurrent, xRapid, xVia, xPring, and more. In a conference conducted during June 2019, David Schwartz highlights use cases of Ripple’s underlying technologies on a focused topic “The Future of Digital Currency: Blockchain Beyond the Hype.”

In a continuous speech, he states that Ripple’s enterprise payment network comprises of three products;

• One to process real-time payments
• One is sort of like the browser to send the payments
• One to provide on-demand liquidity

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While comparing Ripple with Swift and PayPal, he states that Ripple’s technology works in a real-time and is a decentralized network.

Unlike Swift and PayPal, Ripple doesn’t control the system; instead, it works on a decentralized system. Mr.Schwartz states that xCurrent helps banks and fintech institutions to send and receive payment, Xvia to initiate payments and xRapid to provide cross-border liquidity.

Talking about the current payment industry, he adds that:

“One of the biggest things that we had to do to revolutionize enterprise payments was to come up with a set of rules.”

Moreover, he hopes that regulators should encourage the approach of blockchain technology into the payment industry.

“On the enterprise side, you have to have those kinds of agreements so today our customers use digital assets to settle payments immediately.”

In a continuous talk, Ripple CTO gave an instance of the payment system under Airbnb and explained as follows;

“If I want to start a regional competitor to Airbnb; let’say in just the Boston area but I want to take incoming payments from all around the world – the solution can’t be that I hire a hundred payment engineers to make that business work…that can’t be the right solution, Schwartz said. So this is going to change this is broken.”

Ripple currently has 200 fintech companies as its customers, using Ripple based blockchain solutions for their payment system. Concerning about why Ripple exists, he said, payment industries works pretty well when it comes to domestic payments, but in the case of international payment, a user finds their experience “degrades very very rapidly.”

That’s what we can fix…that’s where the absence of standardization is the biggest problem. What’s the technology that opened the floodgates to this revolution? It was blockchain, he said.


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