Ripple has definitely plonked in the middle of the pond known as finances and sent, as it is, ripples far and wide. Unlike other cryptocurrencies, Ripple has decided to play by the book from the get go. Not only that, but it has also been aiming to improve banking practices, which is – let us face it, a rather promising prospect.
The truth is that Ripple wants to distinguish itself as a cryptocurrency that bolsters banking transactions out in the open while ensuring there are extra layers of security when people are trading across the world.
Well, this bid must have been largely successful because Ripple saw a great increase in investment and price value over the course of 2017. This is likely to continue in 2018 as well.
But there is more to Ripple’s success, of course. And it is precisely because Ripple has done well in putting all the rumored would-be-goods into practice.
Now, its developers are hosting Swell, a Toronto-based pow-wow which will aim to reunite crypto experts of all stripes.
Ripple’s Swell – what to expect?
Basically, Swell was the first meeting where Ripple developers reunited banking leaders, blockchain specialists and cryptocurrency developers. Held in Toronto between 16 and 18 October 2017, this event was intended to talk about the future of money as a whole.
The meeting was designed to introduce blockchain and cryptocurrency practices into the existing financial model.
Swell, the actual thing
The Swell meeting saw a handful of dignitaries featured. The flagship panels were definitely worth attending with speakers such as Dr Ben Branke, a former US Federal Reserve System delivering his thoughts of the matter.
Sir Tim Berners-Lee, the father of the world wide web, was also present and delivered his speech about the future of the crypto world.
But apart from the topnobs of finance, there was a lot more to take away from the meeting, by the looks of it.
Ripple was interested in hearing customers’ and investors’ opinions of how the cryptocurrencies had changed finances in the part of the world where they were coming from. It was definitely a worth-it insight in how Ripple operated on everyday level.
Banking executives were also given the spotlight. The main stress was on how Ripple and similar technologies were shaping up the future of payments.
The Swell event did touch on security but that was before the recent spate of attacks on flagship institutions and also before a bank was closed in the United States for allegedly fraudulent activity.
We believe a next Swell event will be held soon and it may do well to touch on banking security as well.
Ripple then crammed the data in a bid to draw underpinning tendencies. And we believe they have succeeded. Let us take a look at what these underpinning aspects of the crypto future are:
- Banking Banks, the meeting revealed, were primarily concerned with improving customer satisfaction and experience. This comes as a no surprise at a time when the omni-channel experience is mandatory for any business to succeed. Secondly, a rethinking of both the retail and corporate model would be necessary. And third, banks are now more cognizant that the future belongs to blockchain technologies and they want in as early and as soon as possible.
- Customers were rather discontent with the fact that it was easy to track single payments, but the overall exchange of funds was largely kept under wraps which could potentially make spotting criminal individuals a rather more sophisticated task;
- RippleNet was cited as a possible way of bringing more credible practices to the payment process. An overall laudable initiative that merits further examination.
Presently, no official date for the 2018 event has been confirmed, but the Ripple’s website indicates that a new Swell event may be on the cards as early as this year.