The Sibos 2018 Supports the “Enabling the Digital Economy” Theme by Exhibiting Ripple
The Sibos conference is known as being the most important conference in the world for financial services. In this 2018 incarnation, they’ll be discussing an important theme – “Enabling the Digital Economy”, and a main point of conversation will be Ripple. This is important for the cryptocurrency and blockchain industries, helping to take steps towards making these markets more of a mainstream option for both banks and institutions of that nature. Since these parts of the industry are often conservative and apprehensive about bringing in new assets.
The organizers of this year’s conference are focusing on four different ways that the financial industry must change to adapt with to the digital world. Those four themes involve:
- The way that service innovation and business model renewal are being driven by technologies like data, Artificial Intelligence, and robotics.
- Using new technologies and paradigms as ways of dealing with financial crime.
- How to manage the challenges that cybersecurity faces
- How to adapt to the changing priorities in geopolitical and regulatory industries
Right now, SWIFT is the leader for international money transfers and payments, no matter where someone goes. Ripple is making an industry-changing move by attempting to take over their business, but they are using a combination of blockchain technology, partnerships with RippleNet banks, xRapid, and the Ripple crypto token.
Ripple has been met with a lot of skepticism about their goals to become directly involved with the traditional financial system. During the last decade of cryptocurrency, it is clear that traditional banks are untrusting of cryptocurrencies, which can be credited to their conservative nature. In the same turn, the crypto market has been increasingly volatile, making their fears justified.
Satoshi Nakamoto designed cryptocurrency to fulfill a specific mission – to eliminate fiat currency and the world’s financial systems. The decentralized nature of cryptocurrency would allow consumers to have a way of spending decentralized currency. Realistically, it seems that Ripple itself is actually working against that goal by being for integration.
Still, many enthusiasts are choosing to see the featuring of Ripple at Sibos to be good news, considering that it would allow the crypto world to work in a mainstream way and earn more trust. The world will finally take note of the benefits that traditional businesses could have with blockchain integration. It makes the industry less of a strange hobby and more of a commonplace practice.
This year, Sibos is being hosted in Sydney, Australia, and will take place at the International Convention Center (ICC) for the third time since the annual conference began. This is the 40th Sibos event, and hopefully the rest of the world will pay attention.