Ripple’s expansion continues. The Saudi Arabian Al Rajhi Bank [Largest Islamic Bank] has just announced that it has run a successful trial using Ripple technology to transfer money from Saudi Arabia and Jordan between bank branches.
The firm behind the technology – Ripple, is a company with HQ in San Francisco that particularly works in financial solutions that banks and similar entities are finding very attractive to try out and implement. The work that Ripple delivers is based on blockchain tech, that finds use of a shared ledger to complete the transactions. That is why various financial giants want to be test it out as the network make sit possible for assets to move directly, freely and instantly which concludes with reduced cost and time.
While banks and other financial institutions do find leverage in their role as guarantors for resolving payment-based uncertainties with a large premium, blockchain delivers the crypto-hashing system for proof-of-verification [like a virtual guarantee] which directly sets borders for the need of brokerage in various parts of the financial ecosystem – saving time and money.