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Another "global player" entered the Parket at the beginning of the year, which caused a lot of turmoil. There were a lot of rumors about the "JPMCoin" until the bank finally unveiled and revealed what it was all about.
The blockchain, which is called Quorum, is not accessible to the public and should be used mainly for payments between banks. Quorum is based on Ethereum and serves primarily as an information network. Now, it seems that enough interested parties have come together to bring the issue to life.
According to media reports, 330 partners, including Deutsche Bank, are already known. And you will probably make life difficult for another competitor in the future.
RippleNet is not the future?
RippleNet is a network dedicated to institutional payments. Partners include banks and payment service providers, such as Santander or MoneyGram.
In total, RippleNet has just over 200 partners and is already in terms of numbers behind JPMorgan's "Interbank Information Network". As we all know, competition boosts activity, but in this case it is only partially true, because both Blockchain products are trying to create a separate platform. This should then be used primarily and not the competition.
But if two are arguing, then quite often, the third in the league. And this competitor is very firmly on the saddle and will be very difficult to move from his first position.
SWIFT is getting ready
The biggest asset that Ripple has in his hands is xRapid, because SWIFT is still much slower and works with its current system in the manner of a stone age giant. However, several media reports assume that development is also underway here.
Because SWIFT has introduced its own system, called "Global Payment Innovation". international payment channels. Thus, the transaction times should be reduced to a few seconds. Although it 's not about concrete payments, but an immediate and reliable exchange of information.
In the past, SWIFT had never needed to act, as only Blockchain and DLT created a viable alternative.
The ripple has been faster until now
Until now, Ripple was simply faster and could rely on its unbeatable technology, unlike SWIFT. With the advance of JPMorgan, the wind should have turned in this respect.
Because there is now a serious alternative, which exploits the advantages of blockchain technology and already includes a network of banks.
Sources: JPMorgan, Decrypt