Ripple, the global blockchain powered payment network stated today it will take the next step as a company to continue helping build the Internet of Value by establishing an Infrastructure Innovation initiative. Ripple is going to offer its technology products and expertise in payment systems and distributed ledger technology (DLT) to enable central banks and market infrastructures to innovate on their own digital journey.
Organizations, such as the Austrailian Stock Exchange who last week said it will replace its current clearing and settlement system with DLT have ramped up their engagement with technology providers to explore how they can leverage DLT.
The Ripple team says it can provide proven building blocks for both regulators and commercial banks to pilot real-world solutions, declaring, “we’re excited about the possibilities for innovation — to create regional networks, to reduce the systemic costs of payments, to open up networks to new participants while managing risks tightly with more granular information and smart automation.”
Ripple’s Infrastructure Innovation team will be led by Dilip Rao, a veteran at Ripple since July 2014. Rao has led the business development in the APAC/MENA region and worked closely with banks as well as central banks and market infrastructures. He has over 30 years of experience working with banking technology and innovation in payments and understands Ripple’s solutions well.
As Ripple’s new Global Head of Infrastructure Innovation, Rao will engage with known and new stakeholders responsible for the world’s payment infrastructure, bringing a “consulting mindset to explore new concepts with the backing of Ripple’s technologists.”
“My first priority will be piloting interoperability between payment systems, the use of DLT for domestic clearing and settlement and novel applications of xCurrent as well as our digital asset XRP,” said Rao. “I look forward to exciting new initiatives in building the Internet of Value in 2018!”
