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Ripple May Put Competitive Pressure On Traditional Banking System, India Fears

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Ripple May Put Competitive Pressure on Traditional Banking System, India Fears

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Tue, 04/20/2021 - 08:07

Yuri Molchan A report for Indian authorities which provides a DLT overview, says that solutions like Ripple may be hard to compete with for the traditional banking system in India

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Ernst & Young has created a report for Competition Commission of India (CCI) about the blockchain technology, describing its weak and strong points and its potential for adoption in various spheres.

It mentions Ripple as a potential competitor to the traditional banking system globally.

Ripple solutions to compete with the conventional banking system: Ernst & Young

 The report points out that blockchain (DLT) is a technology that promises potential benefits in many spheres, such as healthcare, insurance, government, BFSI, HR management, etc.

However, the report states that once blockchain is integrated DLT-based solutions will start competing with those that provide similar services but not DLT-based. This competition has already started in the sphere of cross-border payments.

Such payments made on blockchain platforms are faster, cheaper and do not require prefunding. As a particular example, the report mentions the San-Francisco-based Ripple blockchain behemoth that uses XRP for providing remittances and cross-border payments.

Source: https://u.today/ripple-may-put-competitive-pressure-on-traditional-banking-system-india-fears

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