Ripple are experimenting with a private version of the public open-source XRP Ledger.

According to Ripple Insights the private ledger provides for Central Banks with a secure, controlled, and flexible solution for the issuance and management of digital currencies.

Per Ripple Insights, there are more than 80% Central Banks exploring the option to issue Sovereign Backed cryptocurrency.  Very soon, we will have a Central Bank Digital Currency (CBDC).

Reportedly, every CBDC will be having unique goals, which are driven by specific market challenges and opportunities of its country.  This unavoidably leads to different technologies and implementations, thus leaving the world with an array of CBDC solutions. 

CBDCs will be created on a private ledger to connect with existing global financial infrastructure.  Further interoperability protocols for cross-border payments on private ledgers will also be made possible.

Ripple Insights report that “Their 2021/22 innovation program at the Bank for International Settlements identified interoperability for cross-border payments as a major priority for CBDCs.”

They are focusing on ultra-high throughput use-cases such as micro-payments. 

The CBDC Private Ledger meets the highest of security standards for Central Banks, with each of them having complete sovereignty and ability to customize based on their own unique privacy and policy requirements.

Reportedly, the core technology behind this new CBDC Private Ledger has been running for more than 8 years without incident and billions of dollars of value have been transacted every day.

RippleNet Partnerships for Low Cost Cross Border Payments

Companies who are operating in the global market will be able to operate competitively, if they facilitate low-cost cross-border payments.

Several companies have joined RippleNet to make the best use of blockchain technology to help clients bring down costs.  Thus, they have managed to drive new business.

By making use of the “localized payment network of banks” and “partners of RippleNet” users will be able to process cross-border transactions for far lower commission than they might have to pay in traditional local banks in each of these regions.

Several companies are realizing the need to explore blockchain technology, and they know that if they need to lead the market to the next level of payment solution, that they need to be able to provide a better customer experience for the market.

Cutting transaction times and reducing costs at the same time will help clients to invest more time and money in the process of developing their business.

Blockchain technology has the potential to disrupt traditional cross-border payments industry. And without an ideal partner, businesses will not be able to make cross border payments easier for their clients.  It takes a professional and reliable platform to help get this done.

The Ripple Team has been the ideal partner for several financial institutions involved in cross border payments to be able to facilitate low cost and quick cross-border payments. Ripple are continuing in their mission of doing their best to move money instantly across the world.