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Chris_Reeves

Idea for a Codius Application

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I have family that works in real estate law here in the States. I hear complaints that the most frustrating part of the settlement process is the bank processing time. Is it possible to develop a settlement application for these settlement firms to utilize that would ride the xCurrent/xRapid technology through ILP to expedite settlement times assuming all avenues of the contract are executed by each partaking party? 

 

 

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17 hours ago, Chris_Reeves said:

I have family that works in real estate law here in the States. I hear complaints that the most frustrating part of the settlement process is the bank processing time. Is it possible to develop a settlement application for these settlement firms to utilize that would ride the xCurrent/xRapid technology through ILP to expedite settlement times assuming all avenues of the contract are executed by each partaking party? 

 

 

@Chris_Reeves that is a great suggestion. A transparent application, connected to Ripplenet (& Bank infrastructure) where in the case of new building, renovation or real estate sales an escrow application can be used by a notary firm would be a step forward.

Such an application should include specific milestones (signatures from relevant parties) for funds to be released to the relevant beneficaries. A flow chart of the entire process would help setting up a prototype for a proof of concept.

Maybe it is also wise to see what kind of initiatives have already started in this direction.

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There are several companies already investigating this very thing on Ethereum’s smart contract platform and several POCs are being tested. To date, I’m not aware of anyone trying this within Codius but I’m sure it will come in time. 

The biggest challenge faced by all such solutions is the inability to verify real world events and confirm them on the blockchain being used to effect payment. Whoever cracks that in a simple, elegant and agnostic fashion will become an instant billionaire. Or dirt poor and famous... ;) 

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@JoelKatz @Hodor Personally I see a great future for the XRP Ledger integration with chat apps (WeChat, Whatsapp, iMessage, Telegram Messenger, Signal, Threema (German countries), Wire, Surespot etc...) related payment and settlement.

In the Netherlands you have the 'Tikkie' payment app with 3 million users (and growing). This app is integrated with Whatsapp and gives a user or a group of users 'sharing a dinner bill' a peer to peer user experience with the feeling of immediate payment/settlement. Tikkie (by ABN Bank) is now working on a business to business option for Tikkie.

The settlement for Tikkie however takes a few days.... and it is not possible to pay directly with XRP(or other cryptocurrencies). A huge opportunity to improve on this application design by using code from the Wietse Wind XRP Tipbot imho.

Edited by cryptoxrp

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6 hours ago, cryptoxrp said:

A huge opportunity to improve on this application design by using code from the Wietse Wind XRP Tipbot imho.

I’d love to see this too. I’ve been using xrptipbot recently and it is brilliantly simple.

The Codius community needs thousands more developers. I’m just wondering when those working on Solidity will finally come across to work on this and other exciting projects.

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On 10/15/2018 at 10:19 AM, cryptoxrp said:

@JoelKatz @Hodor Personally I see a great future for the XRP Ledger integration with chat apps (WeChat, Whatsapp, iMessage, Telegram Messenger, Signal, Threema (German countries), Wire, Surespot etc...) related payment and settlement.

In the Netherlands you have the 'Tikkie' payment app with 3 million users (and growing). This app is integrated with Whatsapp and gives a user or a group of users 'sharing a dinner bill' a peer to peer user experience with the feeling of immediate payment/settlement. Tikkie (by ABN Bank) is now working on a business to business option for Tikkie.

The settlement for Tikkie however takes a few days.... and it is not possible to pay directly with XRP(or other cryptocurrencies). A huge opportunity to improve on this application design by using code from the Wietse Wind XRP Tipbot imho.

:yes3: Well then... let's tag WietseWind just in case: @xrptipbot

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4 hours ago, Hodor said:

:yes3: Well then... let's tag WietseWind just in case: @xrptipbot

I have already contacted him by e-mail (as Wietse is also Dutch) and he replied that he sees the same possibilities as I do. However his time is locked up in quite a few ongoing projects. For that reason I am looking for application/software engineers who are willing to help setup a proof of concept that rewrites the rigid Tikkie payment experience and create a multi fiat and multi language payment solution with   instant payment/settlement using the XRP Ledger. The  solution must be flexibel so it can be tailored to different regional chat apps and ‘flywheel’  XRP adoption.

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