Journal Entry: Stamatina Bourret-03/21/2024-Digital Economy Course Lesson 20

Journal Entry

Lesson 20- Ripple

  1. Ripple’s payment protocol differs from systems like Swift because Ripple handles up to 1500 transactions per second, has a low-cost of international money transfers it is also scalable an then can offer flexibility in the type of transactions it can offer.
  2. Ripples technology can be leveraged to improve financial inclusion and access to banking services for underserved areas of the world by leveraging the technology the services can undercut regular remittance fees and long times.
  3. Potential challenges and opportunities for adopting Ripple in current financial ecosystems is that you could have quick cross-border payments and businesses could identify niches with in the international business market. They could also exploit these niches. Ripple needs to find a tailored solution to address challenges.