Before we get started a big shout out to Bankxrp and CryptoEri for finding and bringing this to the communities attention. I went ahead and summed up the talking points by Sagar Sabhai but if you would like to listen for your self here are the timeslots he speaks in:
- 14min mark
- 36min mark
- 57min mark
Let’s get started. This FinTech Fair spoke about connectivity and interoperability. ASEAN (Association of Southeast Asian Nations) is a regional intergovernmental organization comprising ten countries in Southeast Asia, which promotes intergovernmental cooperation and facilitates economic, political, security, military, educational, and sociocultural integration among its members and other countries in Asia. It also regularly engages other countries in the Asia-Pacific region and beyond. A major partner of Shanghai Cooperation Organisation, ASEAN maintains a global network of alliances and dialogue partners and is considered by many as a global powerhouse, the central union for cooperation in Asia-Pacific, and a prominent and influential organization. It is involved in numerous international affairs and hosts diplomatic missions throughout the world.
Sagar Sarbhai spoke on the ILP and the current system and how it works. He also touched on all the new players entering the space and in our opinion but to bed that these new systems are not a threat to what Ripple is doing. Ripple’s goal is to connect the systems. Ripple wants to make all the different payment system interoperate with each other. Let’s review the key points made by Sagar:
- New infrastructure is being driven by central banks and policymakers
- We see more central banks creating domestic real-time payment infrastructure
- 40 countries currently have a real-time domestic infrastructure
- Ripple is coming in and partnering with both incumbents and disruptors
- Back in the day if you had a Gmail email account and your best friend had a Yahoo email account could we were unable to send emails to each other. Both email accounts would have to be on the same network. Ripple is trying to change this for the payment industry with the ILP
- You have social media giants launching a cryptocurrency for payments, a big universal bank is launching a stable coin for payments, a credit card company enters the space but there is no interoperability within these networks – the future is the interoperability bt these networks and that is what Ripple has been working on for the past 7 years
- How do you make these network interoperable? Ripple is focused on this space and created the ILP and gifted the ILP to W3C
- ILP is the solution to make the networks interoperable
Long story short. Ripple has been working on connectivity for all network. Ripple is working on creating the internet of value via the ILP. You can find below the full video on YouTube.