Ripple update: A different Perspective – PoC and the Bank of England
Every now and then you read something you have read before and it changes the way you see things. I recently went back to the Proof of Concept trial conducted by the Bank of England and Ripple in using ILP for retail and corporate transactions. They found that ILP was successful in every facet they were looking into including failed transactions.
One of the key take away from the trial was incorporating ILP into whole-sale and cross-border payments. Below is the last bullet point in the paper:
> Cross-border payments when applied to wholesale markets present different challenges than when compared with retail and corporate transactions, which the Ripple product is designed to handle. **The availability of liquidity is one such challenge, and the PoC allowed the Bank and Ripple to begin exploring these questions.**
Time flew by………and Ripple began to sing another tune. They focused more on liquidity providers and pushing XRP ledger. Rebranding XRP as a standalone brand, xPring came into force encouraging start-ups to jump into the liquidity pool, encouraging liquidity providers to use XRP as the base pair and even going above and beyond by creating management positions and hiring people to achieve that goal.
The questions that arose from that trial with the Bank of England and Ripple are beginning to be answered. Ripple is moving in the right direction. A few days ago they released 2 videos showing their commitment to answering those questions from the BoE and we have all seen those videos however I’m not sure if we have viewed them in the context of that PoC with the BoE. The next question, when the challenges the BoE highlighted are resolved, what will the Central Bank do then?
* The PoC with BoE – [https://www.bankofengland.co.uk/research/fintech/-/media/boe/files/fintech/ripple.pdf?la=en&hash=75E5F445230B8A2B794C208D29619A3E33F1FFE7&hash=75E5F445230B8A2B794C208D29619A3E33F1FFE7](https://www.bankofengland.co.uk/research/fintech/-/media/boe/files/fintech/ripple.pdf?la=en&hash=75E5F445230B8A2B794C208D29619A3E33F1FFE7&hash=75E5F445230B8A2B794C208D29619A3E33F1FFE7)
* This video came out first – Liquidity Provisioning with RippleNet – [https://www.youtube.com/watch?v=R3-0DI9yUzc](https://www.youtube.com/watch?v=R3-0DI9yUzc)
* This came out second – Retail Remittances demo Japan & Thailand – [https://www.youtube.com/watch?v=-BUhzAeqHFU](https://www.youtube.com/watch?v=-BUhzAeqHFU)
About Ripple (XRP)
Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. XRP is the fastest and most scalable digital asset today.
Author: Jarwanator
Score: 37
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