According to the latest finance tech news, a
senior executive at one of the top startups in the DLT space expressed that due to privacy and scalability issues, banks are unable to use distributed ledger technology (DLT) to process cross-border payments.
David Schwartz, Ripple’s chief cryptographer acknowledged the situation by saying, “We are of aware that there’s still time for us to reach there.”
Banks have certainly identified the potential of the new DLT technology. Wherein, if used correctly it is bound to make international payments much faster and cheaper.
And while several banks are currently using Ripple’s bi-directional messaging service xCurrent, it “is not a distributed ledger” said Schwartz.
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