Ripple’s Brendan Berry on Improving International Payments
Ripple’s Brendan Berry, head of payments product management, highlights the challenges faced by the payments sector in terms of cost, speed, and reliability. He specifically focuses on the difficulties that arise in international payments due to the friction between different systems. Berry believes that blockchain technology can provide solutions to these issues.
Key Points:
- Domestic payments generally address cost, speed, and reliability effectively, while international payments face more challenges.
- The friction between different international payment systems leads to higher transaction costs.
- Involvement of multiple systems reduces the reliability of transactions.
- The complexity and friction slow down the speed of international payments.
- Blockchain technology can solve these issues by offering instant, low-cost, and highly reliable payments.
In the video, Berry emphasizes that blockchain enables funds to be moved globally, facilitates almost instant payments, significantly reduces transaction costs, and enhances the reliability of transactions through decentralization.
Hot Take:
Ripple’s Brendan Berry highlights the challenges faced by international payments and how blockchain technology can provide solutions. By addressing the issues of cost, speed, and reliability, blockchain has the potential to revolutionize the payments sector, making transactions instant, low-cost, and highly reliable.
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