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Are global payments possible? Maybe only if humanity gets modernized

So it’s time to talk about David Schwartz, Technology Director at Ripple, as well as one of the original architects of the Ripple consensus network.

Get to know David Schwartz

Prior to joining Ripple, David Schwartz was Technical Director for WebMaster Incorporated, a software developer in Santa Clara, developing encrypted cloud storage and business messaging systems for organizations such as CNN and the National Security Agency (NSA). Known as “JoelKatz”, it is a respected voice in the digital currency community.

During his participation, he spoke about the promise that blockchain has to meet global payments. He argued that the use of technologies in the payment sector and specifically transactional technologies such as blockchain technology or block chain, allows companies to do things such as payment automation and transaction confirmation.

Payment systems + blockchain

The boom in transactional systems that connect industries in a simple way without much formality or processes in integrations from one side to the other is visible. The payment systems that use blockchain are best used when handling large volumes of data and transactions.

David says that industries that adopt these technologies for payments can see cost savings in transactional rates and efficiencies in cost optimization.

Why modernizing is so necessary

So it ensures that modernizing the infrastructure of global financial services with blockchain technology promises impressive benefits: improving the speed and cost of cross-border payments could provide billions to the global economy while allowing for greater financial inclusion and fewer obstacles to enter the global commerce.

It emphasizes that the principles that blockchain technology has for security, speed and cost of payments, make companies look for ways to innovate with the addition of this technology. Cross-border transactions using blockchain are an excellent example in payment innovation.

Creating a payment network… how possible?

He argues that the idea is “to create a payment network but one where the settlement, the real movement of money, the real plumbing below the surface, would be a decentralized and open network” says Schwartz.

“The final game is simply money moving invisibly, as easily as information.” He is convinced that the use of blockchain technology can fulfill the idea of global payments whenever there is a modernization in terms of traditional systems, that is, in other words, the evolution of people is needed so that it can be successfully achieved”.

Published inFintech
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