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This is just a general question that's been on my mind... What are the possible insurance industry applications for the XRP Ledger? Crypto in general? I'm thinking escrow opens up a lot of possibilities, as well as the general immutability aspect of a blockchain. Some of my "brainstorm" ideas for insurance generally: Life Insurance: XRP Ledger Escrow for "Traditional Whole Life Policy" Storage of premium payments on the XRP ledger Health Insurance: Storage of premium payments on the XRP ledger Escrow of Insurance payout until all paperwork approved by Insurer Long-Term Disability: Storage of premium payments on the XRP ledger Escrow of Insurance payout until all paperwork approved by Insurer Auto Insurance: Storage of premium payments on the XRP ledger Escrow of Insurance payout until all paperwork approved by Insurer That's my initial brainstorm list, but I know I'm probably missing something. In addition, does usage of blockchain tech allow for entirely new types of insurance instruments? Is a smart contract system better suited for insurance applications? Anybody know of any Ethereum DApps that target this market? Thanks for any feedback / pointers!- 29 replies
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"Step-aside" - worst XRP use case...?
RippleGambler posted a topic in Coil Posts and Fan Submissions
Blog URL: https://coil.com/p/MikeH/-Step-aside-peasant-newest-and-worst-XRP-use-case-/VJudy0gDU In my blog I talk about an idea I had whilst sat in traffic over Christmas. A subsequent bout of hangovers and illness even gave me the time to build it! I`ve seen a lot of bad ideas for XRP use cases, this is definitely one of them. XRP inspired me to take up coding and I now work as a junior software engineer at Jaguar Land Rover (after going through a boot camp). What's your worst XRP use case idea? Feel free to make fun of mine and the chaos it would cause on our roads! At least it could be international in nature.... Any questions then please feel free to ask. Thanks for reading. -
Looking at why Canadians would want to buy and use XRP as a currency in Canada. If we could use XRP here in Canada what would we want to use it for at the consumer level outside of Crypto Trading? Are there any specific features or functionalities that would be ideal inside a Canadian Localized XRP wallet? What are the major pain points of interacting with XRP in Canada? Anyone other Canadians want to discuss?
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Recently, i was talking(more likely just had few comments replies) with some blockchain experts in Korea via tech community and he mentioned that ripple blockchain is specially limited for its use case as now, bridging currencies and solving international remittance problem. Well... in fact all blockchain is made for their use cases, what developers intended to do with blockchain. But later it just raised me a question "is ripple as blockchain can be expandable to other functionalities?" First i thought it is possible as "sbi ripple asia" is leading consortium in japan to brining blockchain tech to security brokerage. But as far as i remember, no one confirms this blockchain is ripple blockchain(XRPL) that i know of.. or building new blockchain but having some advice from ripple. And i started to dig up xrpchat and some of noticeable finding are as below Hodor once mentioned, he wrote down all use cases with RCL(XRPL) can do. And Joelkatz once mentioned "people are welcome to use XRP for any application they would like" So is that meaning anyone who has interest can build up any kind of things with XRPL such as what hodor mentioned on other thread, healthcare (what ibm does), real-estates(IBREA), and even storage (Sia, storj) streaming (livepeer) but just ripple as company is only focusing just one use case international remittance .. right? @JoelKatz @nikb @Hodor I want to show answer from one of the ripple developer that they do not limit XRPL as What Korean blockchain expert claims.... Thank you in advance.
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It's just so funny to me that ADA and XLM are tagging along for the ride with XRP when the use case isn't really even there for either of them yet. Yes ADA has potential and I did catch a few dollars on the run up to .72. Nope, no XLM for me, just out of principle. After looking at the cold hard facts, neither of the those techs has the team or foundation XRP has much less the working business model and both of them are, as far as I know, still in experimental / development stages. There's going to come a point in the next few weeks where folks trying to play the diversification game in hopes of catching several huge winners will realize (just as I did) that this game is over and Ripple has won. It will happen suddenly and XRP will be out of reach for many, better to be all in when it happens. That's my rant... have a nice evening :-)
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I focus on XRP in this blog entry, and highlight the news of the first production usage of xRapid - Ripple's solution that uses XRP for sourcing liquidity. In the last week, I was struck by the scale of the latest good news: the announcement of xRapid's first usage before SWELL. The term "tipping point" has been debated previously for XRP's use case, and now those discussions will have a whole new flavor... Thank you for reading & hope you enjoy - as always, feel free to share on any other media. My other blog announcements: Twitter Reddit Bitcointalk - alt coin sub forum Bitcointalk - XRP speculation thread
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Question out there for some fintech experts... Ive heard the concept that XRP could be used in an escrow type situation... I'm curious, why would anyone need to lock up the XRP into escrow when it is conceivably flowing heavily in the forex markets? Wouldnt it make more sense to lock up only the fiat and then release those over the Ripple system using XRP to bridge assets and it happens instantly? Why lock up XRP? If it's floating around and banks don't care too much about price because they aren't actually hodling any xrp...it doesn't really matter to them at all, only that the settlement currency (fiat) exists. Anyone have any more insight than I can conjure?
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https://xrphodor.wordpress.com/2017/07/16/xrp-the-power-of-focus/ Other crypto-currencies jump at any chance for marketing themselves, while Ripple keeps the focus squarely on its end-game: doing international payments and RTGS better than SWIFT. Please leave any feedback positive or negative here, and also feel welcome to share my blog with others as you see fit! Reddit: https://www.reddit.com/r/Ripple/comments/6nn80w/xrp_the_power_of_focus/ Twitter: https://twitter.com/Hodor7777/status/886631666004971520
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Chalk it up to my over-enthusiasm. I'm an adult enough to know when I made a mistake. In part one of "Master of Use Cases" I think I went in the wrong direction: I covered ALL POSSIBLE use cases for an immutable distributed ledger, which is what the RCL can provide along with XRP. This approach was kind of like saying "what are all the things that money can be used for if it's also a place where you can permanently write information?" And the list that resulted was very long indeed. But then i watched the round table discussion with Miguel Vias from the final day of Consensus 2017, where he was describing the main use case(s) for XRP, and I was struck by his approach. He boiled it all down to two use cases, one in his introduction of XRP, and broader one in his description of the primary use case. Miguel's Introduction: Miguel's Description of XRP's primary use case: (Source: *https://www.youtube.com/watch?v=aiNDDWZs0b4* ) So let's just focus in on one, and see how big "cross-border payments" and "value transfer across borders" is. All We Need is ONE Use Case How Big is Value Transfer Across Borders? Let's narrow our focus further to just where the SWIFT organization of banks does the lion's share of value transfer across borders. SWIFT takes days to transfer any significant sums across borders. Now we have a new method (RCL, XRP, and ILP) that can do it in seconds. Current volume with SWIFT: According to this document (source: https://www.fincen.gov/sites/default/files/shared/Appendix_D.pdf ) from the US Treasury, SWIFT handles about $5 trillion per day, or given about 250 business days per year, about $1.25 quadrillion dollars a year. Investopedia already acknowledges Ripple as an alternative to SWIFT. (source: http://www.investopedia.com/articles/personal-finance/050515/how-swift-system-works.asp ) XRP in this scenario would be used for account activation, and most likely as a no-counter-party risk bridge currency. The amounts of XRP utilized for these purposes would be massive. Ripple recently hired two former SWIFT senior leaders, and is obviously targeting this market. Even if only a small part of the pie goes to Ripple, we're looking at huge usage of XRP and the RCL network. Starting to be convinced that you made the right decision? You should be...
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This may be a topic that has already been covered, and I am too lazy to search through 3k+ threads to find it. I am writing down my experience as I project my assumptions into the future, where XRP is the river that all other forms of value float upon. I see XRP being adopted by the largest banks first, showing a real use-case that will be the jumping point needed for all other banks to make the same change with confidence. Do or die. Forced to comply, XRP will be adopted quickly. I understand that the ILP is really the only thing that is necessary, but when you get Paychan and Escrow with RCL using XRP it is a no-brainer! *bank committee* "Hey, should we like...adopt this RCL thing? I mean, it does work reaaally well....or should we like, try to come up with our own way of working something into our ILP like Paychan or Escrow" Nope. They will jump on board. When you are on a sinking boat, you get on the life-boat that is available, given the available one is reliable and efficient. Get everyone talking with the ILP, show them how cool the Paychan and Escrow additions are and they will slide right on in to using the RCL. Bingo. Second step is going to be to really sell the crap out of it. It is a stock, essentially. Get the price down low (not insinuating that Ripple has anything to do with it, but that everyone's goal is stability for adoption) and get as many banks onboard as possible. Then you let this beast free into the wild, and sell the crap out of it! The smaller banks are probably going to be absorbed into the larger, is my prediction, as the larger banks are best positioned to hold the most XRP before it goes up significantly in price whereas the smaller banks face higher adoption prices and rough implementation. Hence, the absorption. Again, this is only MY prediction. Down the road, I see apps developed to allow people to use XRP to transfer value for a P2P purchase. XRP is used to transfer money instantly on the stock market...(Right, Miguel?) I see XRP as having a far-reaching arm that will have fingers in everything. Essentially, we are creating a global currency that will be worth more than any other currency using it. Yeah, yeah bitcoin shmitcoin. I'm talking a global currency that will be happily adopted by the global banking community....you know, the one that the majority of the civilized world uses on a daily basis. A New World Currency. NWC. Can I coin that?
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So I've been thinking that bank transfer notes and bearer bonds might be a use case - I have a perspective on how this might work from a logical perspective. Goal: Print one hundred-XRP backed bank notes for inter-bank physical transfers of XRP. Constraints: Solution can't include write the secret key on the paper, regardless of formatting (bar code, number, block code). The reason is that anybody could just take the secret key, transfer the XRP to their own account and rip up the paper. I'll just publish this challenge and then come back later to say what my rough solution would be.
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How would today have been different, had XRP and the RCL technology been at the center of the SEC news announcement? A ) If all exchanges were gateways and listed off ledger XRP -A- If they were integrated to process a deposit and withdrawal in one ledger close event, the price discovery of all digital assets (including XRP) would have been much more efficient -A- If ledgers started getting full with volume, the transaction fee would spike (less failed transactions because fee logic on RCL is flexible and predictable). -A- Total XRP network volume would be distributed slightly more efficiently, since some volume can offload to the RCL for arbitrage, and such. B ) If all exchanges just listed off ledger XRP -B- If they were integrated to process a deposit and withdrawal in one ledger close event, the price discovery of XRP at each exchange would have been much more efficient. C ) If all exchanges were ILP enabled -C- Price discovery would converge to a lower bound globally, for all assets, including XRP. -C- Depending on local rail speed, transactions could potentially be delivered to users in minutes, or seconds. -C- An ETF wouldn't be needed? D ) If all devices were ILP enabled -D- Anyone connected to the internet could pay anyone else in the world, any amount, during any time of the announcement, in any asset, instantly. -D- The best price would be available for everyone, and all services would be in competition to offer the best rate / fees. -D- An ETF wouldn't be needed? E ) What was the craziest thing you saw today in the BTC exchanges during the announcement? -E- Ripple has the intention to ensure XRP meets compliance standards that would enable it as the world reserve currency. Given that, and their growing relationship with banks, enabling complaint solutions of international foreign exchange, it might have had a better chance passing.
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