World Trade Organization (WTO) recently released a new important report called “The Future of World Trade: How Digital Technologies are Transforming Global Commerce”. In the report the researchers touched the topic of blockchain and highlighted that Ripple has a great potential to transform the world of global commerce.
According to the information in report, Ripple can “profoundly transform the way we trade, who trades and what we trade”. The section in the report went on specifying the key advantages and benefits Ripple has to offer.
“Ripple has ambitions to circumvent the correspondent banking model through its distributed ledger platform. It gives banks the ability to convert funds directly into different currencies in a matter of seconds. Ripple does it at little to no cost, without relying on correspondent banks… The company has licenses with more than 100 banks and financial institutions. But it seems that only a limited number of large operations have taken place to date. Banks are still testing the system”, states the report.
About Blockchain and IOTA
In addition, the report also touched the overall topic of blockchain highlighting IOTA as a leading distributed ledger technology as well. The section went on stating that “blockchain is the most well-known distributed ledger technology (DLT). We develop an increasing number of other models that, like Blockchain, which we distribute and use in various cryptographic techniques. But those are moving away from the concept of ‘blocks’ – or even from both the concepts of ‘blocks’ and ‘chains’. One example of this is IOTA, a cryptocurrency designed for machine-to-machine communication, in which each transaction links to two previous transactions as part of the validation process to form a ‘tangle’ rather than a chain. Today, we use the term ‘blockchain’ to refer more generally to distributed ledger technology and to the phenomenon surrounding it”.
The full report by WTO is available here.