A recent journal from the American Institute of Physics has recognized Ripple’s efforts in the cross-border payment market, which leverages XRP.
The study aimed to uncover the implications of blockchain technology advancement on global industries. One of the examined perspectives related to remittance transactions, a market Ripple and XRP dominate.
Pseudonymous XRP community figure WrathofKahneman called attention to Ripple’s recognition in a recent post on X.
#Ripple cited in American Institute of Physics article, ” Impact of Blockchain Technology Development on Industries in the Context of Entrepreneurial, Marketing and Management Perspectives Worldwide” for xborder tx’s & remit. Inc crypto; implication:#XRPhttps://t.co/M3k6lnwquW pic.twitter.com/aXbIbcPWSB
— WrathofKahneman (@WKahneman) March 13, 2024
Notably, the American Institute of Physics’ publication was authored by Ivelina Kulova of the University of Food Technologies, Bulgaria.
Blockchain Impact for Businesses
Kulova observed that blockchain technology is increasingly being embraced across various sectors of modern life. It spans logistics to banking, owing to its capacity for process automation and its role in addressing trust-related challenges.
Specifically, the researcher cited adoption by tech giants such as Microsoft, PayPal, Intuit, and DISH Network. Given this trajectory, the university researcher examined several benefits that developing and implementing blockchain technology could offer to companies worldwide’ entrepreneurial and management activities.
One of the highlighted benefits of blockchain technology was increased security and confidentiality. Ivelina Kulova emphasized that in online business transactions, only one-time validation of the sale is typically required.
According to the university scholar, this setup lacks precise identification of the purchaser, which creates room for facilitating fraudulent purchases. Kulova referenced that in 2020, the total cost of identity theft reached a record high of $56 billion.
On the other hand, Kulova pointed out that a blockchain system necessitates validation across the entire network, verifying both identity and purchases. Kulova believes the system eradicates anonymity and renders fraud more challenging to execute.
Another cited benefit of blockchain technology was cost efficiency in cross-border transactions and remittance services.
Ripple Acknowledged for Disrupting Cross-Border Payments
The researcher highlighted the challenges banks and other organizations face with expensive cross-border transactions.
Building on this premise, Kulova provided an example with Ripple, acknowledging it as one of the organizations leveraging blockchain and cryptocurrencies like XRP to surmount these barriers.
Kulova added that the Ripple network, which leverages XRP, is now operational in over 40 countries across six continents. The system enables businesses to accomplish nearly instantaneous cross-border transactions at significantly lower costs.
Notably, the recognition of Ripple and XRP as significant players in the cross-border payment landscape has not surfaced for the first time.
Leading global financial services firm JPMorgan has similarly published research identifying XRP and Ripple as key entities in unlocking $120 billion worth of value trapped in delays within cross-border payments.
