Ripple (XRP) Top Poll of Blockchain Prepared to Work with Banks for the Next 100 Years
The prominent San Francisco-based blockchain company, Ripple, has made remarkable progress in a recent poll launched by Oracle Manager and Ex-Forbes employee, Sarah Austin, inquiring the opinion of people on which blockchain technology is most prepared to work with banks for the next 100 years.
Austin as a Tech expert and seasoned entrepreneur had suggested that Bankers should key into the ongoing FinTech revolution if they want to remain relevant in a century time. She further posed a survey to her 30.7k followers to determine which Blockchain technology is most prepared to work with banks.
The survey featured four options which include Ripple (XRP), Ethereum (ETH), Kava (KAVA), and Tron (TRON), however, Austin’s poll, within few hours, received thousands of responses from crypto enthusiasts with the majority of them voting for the Ripple network and its native token XRP as the most prepared to work with banks.
At the time of compiling this report, the poll had been finalized and XRP topped campaign with a sizeable margin that clearly indicates the position of people who were engaged in the report.
While Ripple (XRP) garnered 83.3% share of the vote, Ethereum, Kava and TRON only managed to poll 11.4%, 2.4% and 2.9% respectively.
Blackwell Global: Why Banks Prefers Ripple
In a similar development a UK-based finance company, Blackwell Global, has revealed reasons why Banks would prefer Ripple Blockchain over other blockchain technology in a recent blog post, pointing out that the fact that Ripple, unlike other cryptocurrencies, offer services capable of revolutionizing the services rendered by traditional financial institutions, this makes it an outstanding Blockchain.
The first reason as outlined in the post is the distributed nature of Ripple blockchain which enables instantaneous, simpler and faster cross-border remittance, as well as management of liquidity. Ripple also help finance institution have real-time data about transaction before execution, and it eliminates the role of middlemen, thus reducing transaction costs. The company further compared PayPal’s transaction cost – 3% of the fund, to Ripple remittance service where only 0.00001 XRP is charged for transaction.
Secondly, the Ripple Blockchain technology aside eliminating high cross-border transaction fees offers an amazing speed in processing payment. It takes Ripple 4 seconds to process a transaction that will take Banks 3-5 days to perform. Comparing this with Ethereum blockchain which takes about 2 minutes to process and Bitcoin which takes over an hour, Blackwell reported that bankers preferred Ripple and its supersonic transaction speed.
The Ripple Blockchain Scalability and Stability features were also mentioned as the basic reasons why the San Francisco-based blockchain is cherished by bankers, Ripple unlike other blockchains has maintained a stable track record over the years and had closed all its ledgers without any problem. Also, the ability of Ripple blockchain to handle 1,500 transactions per second makes it stand out in-term of scalability.