Although interest in bitcoin may have subsided, but interest in the underlying registration process — distributed ledgers or blockchains — has attracted the interest of global banks and exchanges, most notably Nasdaq.
Distributed ledger technology, or blockchains, will have their greatest impact on cross-border payments, said Chris Larsen, CEO of Ripple, which aims to create an Internet of Value (IoV) to exchange value over the internet as easily as people exchange information.
Larsen believes it will replace correspondent banking, a holdover from the 1970s, “which is why it takes days to move value between the U.S. and Europe.”“An international transaction can easily take longer than sending a package,” notes the company on its Web site. “It’s not just about speed but also cost. It doesn’t make economic sense to send $100 from the US to Europe because of high fees.”
Source: Forbes