As part of the India dApp fest held in June, Ripple and many other organizations screened talks. Sachin Maheshwari, a Senior Integration Engineer at Ripple gave a splendid speech at the event.
Sachin has mentioned Ripple’s aim to have every bank involved as part of xCurrent. If you wish to watch the video, look no further:
He also spoke about RippleNet and other facets of the organization. Ripple has had many partnerships with banks across the world, but in India, there is a hostile approach towards cryptocurrencies by the government.
The description of xCurrent as part of the official website is as follows: “xCurrent is Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking. Using xCurrent, banks message each other in real-time to confirm payment details prior to initiating the transaction and to confirm delivery once it settles.”
From the Middle East to India: Payments take place across the RippleNet and finishes in 3 minutes. The ledger is decentralized with everyone involved having a copy. Transactions would be secure and the banks can fully trust Ripple’s distributed ledger technology.
With RBI working on their own blockchain platform which is set to be unveiled next year, this is great news. Although, it is tough to predict how they will react to this, as they had instructed banks and corporations to be wary of transactions involving cryptocurrencies.
The Indian Government is still silent about this issue even as Pakistan adopts a pro-bitcoin approach. A recent study pointed to positive sentiment emerging from our neighboring nation. Will India reconsider the draft bill demanding a blanket ban and massive jail-terms?
Ripple[XRP] is priced at $0.393970 according to the latest data. The price of XRP fell by 1.98% in the course of the past 24-hours. The trading volume recorded is $1.395 billion.
The total market cap of Ripple is $16.755 billion. The supply involves 42,566,596,173 XRP tokens in play.