According to a report, the Central Bank of the Netherlands (De Nederlandsche Bank DNB), described the Ripple blockchain technology as a rapid process of transactions that occur every 2-5 seconds, stating that “Ripple is much faster than Bitcoin and requires less computer skills.”
At the heart of the Ripple network is the ‘general ledger’: a distributed database
containing information on all Ripple accounts which is shared across all servers in the
network. Each server can introduce a transaction into the network. The transactions
are forwarded to all Ripple servers, which automatically reach a consensus on applying
a set of transactions to the ledger. This process takes place every 2-5 seconds,
which means Ripple is a good deal faster than Bitcoin and requires less computer capacity.
The interest of the banking sector in the Ripple network means that its use could grow rapidly in the near future. The network protocol is an example of innovation that could contribute to change by allowing banks to use this infrastructure to facilitate international payments.
The Ripple network protocol is an example of an innovation that could
contribute to that change by enabling banks to use this infrastructure to facilitate real-time
Banks are showing an increasing interest in the Ripple protocol. Integration of the
payment protocol would allow banks to offer their customers the ability to transfer any
amount of money in any currency to other institutions that use the protocol, without
the need for intermediaries. That would lead to cost savings for banks. At present,
one German and two American banks are using the Ripple network, while several other
banks are experimenting with it.