Even though it may fly in the face of popular opinion, Managing Director of APAC, Ripple, Dilip Rao says that we need to be thinking beyond Blockchain in order to create truly global payment systems.
In order to really see how this can be achieved, Rao asserts that we need to start with the fundamental concept, that nobody wakes up in the morning wanting to make a payment. Therefore, if people have to make a payment, then that process has to be as seamless and as pain-free as possible.
This idea, when put into an international context, can become very complex, with many different hands involved in the transaction, instability of some territories, the non-existent relationship between countries can culminate in a lengthy risky process.
If we put user experience at the forefront, then Rao argues that we must also put the infrastructure in place that can deal in real-time with transactions at a lower cost; and most importantly, zero tolerance for delays or failures, and while Blockchain is starting to address some of these aspects, it doesn’t have the sustainability or scalability needed to mesh disparate systems together to create a fully global reach.
Therefore, the challenge is to get the current networks to talk to each other, and while putting in that level of infrastructure will be very difficult to implement, if achieved, it could completely change the way we make payments.