Ripple and IOTA Highlighted In A Report By The World Trade Organization. Monday, October 8th
Ripple and IOTA got highlighted in a report by the World Trade Organization
Distributed ledger technologies (DLTs) are changing global financial system
The World Trade Organization has recently released an extensive report, in which it is acknowledged that blockchain technology is reshaping world’s commerce. Dubbed “The future of world trade: How digital technologies are transforming global commerce”, it is a 236 page long document that explains how distributed ledger technologies are impacting international commerce, reshaping the concept of trade and how the government is reacting to these changes.
Ripple orchestrating the change of the banking model
The report makes reference to various cryptocurrencies, such as Bitcoin, Ethereum, Ripple and IOTA. Regarding Ripple, the document notes that this blockchain payment protocol is working to become the platform that will revolutionize the way cross-border transactions are carried out, by giving banks the ability to convert any currency into another through their distributed ledger platform, in a seamless, costless, faster and efficient way.
It also highlights that as of now, more than 100 banks and financial entities have licenses with Ripple, although only a handful of them are making use of their products and services, currently, due to being testing them out and getting accustomed to the technology.
IOTA, an example of Distributed Ledger Technology (DLT) without Blockchain
On the other hand, the report acknowledges IOTA as a leading DLT that has nothing to do with the more-popular Blockchain. This is because IOTA’s technology is not based on blocks and chains – just like Bitcoin and the majority of altcoins.
Instead, its network is a “Directed Acyclic Graph” or DAG, in which each transaction is linked to two previous transactions, thus validating them in a different way. With every new confirmed transaction, the network begins to resemble more and more a tangle, hence the name of IOTA’s network, Tangle. Despite this, people tend to associate the term “blockchain” with any form of DLT, as well as anything related to this emerging technology, the WTO said.
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