Part 8/10:
Similarly, innovations utilizing blockchain technology are emerging, with entities like Ripple and JPM Coin using digital ledger technology to expedite transactions. However, these solutions still rely partly on traditional market participants, highlighting the transitional state of payment systems today.
The Role of Blockchain in the Future of Payments
While blockchain promises to simplify transactions by creating an efficient, immutable ledger system that can settle transactions instantaneously, its adoption in traditional payment frameworks is still evolving.
Key Innovations
- Ripple: Its platform enables easy currency conversion between various fiat currencies while facilitating immediate transfers through its on-demand liquidity model.