CCBeast Special


Ripple’s Interledger Protocol (ILP) aims at Connecting Cross-border Transactions all over the world
Editorial Team

At the Blockchain Live event held in London, the Global Head of Strategic Accounts, Marcus Treacher spoke about the Inter Ledger Protocol (ILP), and how Ripple was utilizing the protocol for cross-border payments.

According to him, Ripple was focused on solving existing problems in cross-border payments and making the experience much better.

He continued stating that they came across a problem, where they realized that they can’t place or integrate the world on Blockchain. So, they return trying to tie the world and Blockchain together.

According to them, the existing solution to that is the Inter Ledger Protocol (ILP). He stated:

“An interesting model that we are really big fans of that we’ve actually adopted is the Interledger model. The idea is that you take the design of the internet for information and you kind of recreate that using cryptography in a kind of Blockchain connected way.”

Marcus stated that the aforementioned way is how Ripple connects its banking partners and payments company partners all over the world and it works fine.

Speaking on the subject, he stated he justified the operability of the protocol because nobody so far can “jump beautifully into a Blockchain world” as everybody lived in a “very messy world.” He also stated that there will certainly be an availability of “islands of information and data value.” The trick is to interconnect everything, he added.

“If you could create an internet model for value, or for identity, then you’ve really got something because the open connectivity allows the absolute connect across.”

Treacher concluded by saying that there is no need to worry about level-1 or level-2 and that Ripple was focused on developing a genuinely interconnected world.

Source: AMBCrypro.com

TAGS: