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SWIFT block chain dead

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4 hours ago, stickmonster said:

I know some of the conclusions of this report have been debunked already, but if backend systems are as poor as it suggests isn't this a brake on Ripple adoption?

Have you guys read the interview with the person from Erste Group? I think someone translated it from German to English. Anyway, they stated that Ripple have been working with them since 2016 and it has taken so long partly due to issues with backend. In my opinion, this puts Ripple in a very advantageous position as they have integrated backend systems already and have overcome hurdles. They understand the issues and know the solutions on integrating xCurrent or hopefully xRapid into banks backend systems.

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8 minutes ago, nomad_z said:

Have you guys read the interview with the person from Erste Group? I think someone translated it from German to English. Anyway, they stated that Ripple have been working with them since 2016 and it has taken so long partly due to issues with backend. In my opinion, this puts Ripple in a very advantageous position as they have integrated backend systems already and have overcome hurdles. They understand the issues and know the solutions on integrating xCurrent or hopefully xRapid into banks backend systems.

And they can even save the time after this SWIFT debacle. Erste: ,, We are now evaluating further technological approaches and waiting for the efforts of Swift and Hyperledger. We want to find the right partner in peace and quiet. We want to make a decision by the end of the year.,,

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Guest

When was Quorum started? 2016? They have a lot of catching up to do. Do you think banks are going to wait until JP Morgan get something which fit for purpose. I'm sceptical.

Edited by Guest

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Guest

I think they just found out they are way to far behind the game and it would take them years to catch up......... i think i hear ripples doorbell ringing :lol:

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“Although technical detail is sparse, the project used “leading distributed ledger technology”, Hyperledger Fabric 1.0, and importantly used existing SWIFT technical assets and standards to create permissioned distributed ledgers for each of the 28 banks that ‘actively tested’ the application. “

 

I found this interesting, does this mean Stellar has failed together with SWIFT? 

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That's amazing stuff. Instead of banks having nostro/vostro accounts, Ripple let separate entities solve the nostro/vostro accounts for the banks, all the while keeping the network connected.

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Sounds like the best strategy. We just have to wait till the FOMO between banks is reaching boiling point before they come and knock on the door to get extra products like xRapid.

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On 3/26/2018 at 3:48 AM, JoelKatz said:

See my comment on Twitter for my general view on this predictable failure. But I do want to add three points about how Ripple deals with backend issues:

First, we've been doing this for a few years now. A major focus of development on what is now xCurrent is learning from integration issues and ensuring that they don't repeat.

Second, while the backend issues may prevent particular partners from getting particular benefits, they're almost never a deal killer. If a particular partner wants a particular benefit, they'll fix the backend issues if they have to.

Third, we're very very clever in how we market xCurrent to banks now (and similarly how we market xVia and xRapid). We try to make sure the partner has a specific business need that is important to them. We get high-level executive buy in to use the product in production to solve that particular business need. This means that even if it costs them millions of dollars to address the back end issue to get the particular benefit they want, they're incentivized to do it because solving that particular operational problem was their motive in using the product. This also helps to ensure pilots move to production and produce volume,

Deleted

Edited by 7Bs

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On 3/26/2018 at 6:04 AM, Picard said:

Sounds like the best strategy. We just have to wait till the FOMO between banks is reaching boiling point before they come and knock on the door to get extra products like xRapid.

Considering how fast our tech based society moves now, this probably won’t be a long wait. 

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