Interledger, the next blockchain generation

[cmbartley]

Pretty interesting write up. Also talks about RieseBank sending money on RCL and takes care to call it an open and decentralized protocol:

http://www.die-bank.de/news/die-naechste-blockchain-generation-8682/

[Guest]

That was cruel CM... where is the English for those uni-lingual readers!!

Google and MS Translate muck it up.

[cmbartley]

@Max Entropy really? Google translate did a pretty good job for me:

"The ability to securely transfer values in a distributed network with unknown participants is just as ingenious as it is revolutionary. It is therefore hardly surprising that many companies are currently experimenting with the common block-based technology (distributed ledger technology) that seems to solve a paradox: it creates consensus and trust between actors. It is based on a peer-to-peer network, via which digital values are transferred. Depending on the type of blockchain, licenses and contracts (SmartContracts) can be transferred in addition to a currency unit. The participants in the network do not need to know each other, but an infrastructure is provided that ensures the reliable execution of transactions. The blockchain takes over the function of a trust layer, a trust layer for the Internet. Blockchains exist in different versions for different application scenarios. In banking, this is in particular identity management, contract management and payment transactions. The principle offers many advantages and creates a breeding ground for new business ideas and processes, because the participants in a blockchain network need neither know nor trust. Blockchains log transactions, such as transfers, transfer of software licenses, or closing a contract. They are based on a peer-to-peer network, which acts as a decentralized database. The transaction data is stored redundantly for all participants in the network. Thus, there is no single failure point. The advantage: Logged transactions are transparent and, in principle, accessible to everyone. Thus, each user of the network has a complete copy of all transactions performed. The basic paradigm shift is that money is no longer passed from a bank A to a bank B, but every user on the network changes the name of the owner of the currency.

The Frankfurt-based Reisebank AG has shown that the blockchain technology is not only of theoretical value, but can also generate practical benefits in a pilot project, which was presented at the conference "Payment traffic of the future" in Cologne. The Reisebank has implemented a fast and favorable form of international transfers, which can be used for all currencies around the world by means of an open and decentralized blockchain technology, the "Ripple Consensus Ledger" (RCL). For this cross-border payment solution and the world's first blockchain transaction between two banks in Canada and Germany, Reisebank received the "Banking IT Innovation Award 2016", the "Sourcing in the Financial Industry" competence center at the Universities of Leipzig And St. Gallen since 2011.

"From the perspective of a bank, the Ripple-Blockchain offers several advantages: security of payment execution, real-time billing, direct access, and improved news through bidirectional communication," explains Frank Boberach (photo), Head of Product Management at Reisebank. The settlement risk is dispensed with by the invariability and decentralized audibility of the transactions. In addition, no intermediaries are needed for direct access to the business partner (peer-2 peer), which can lead to cost advantages. The idea really sounds groundbreaking: "While the international correspondent bank system requires payment between two and four days, the transaction, including settlement, takes place in less than 10 seconds via the ripple blockchain (RCL) in real-time.", So Boberach before more than 150 payment experts in Cologne. And even more: beyond the pure payment approach, the solution provides further possibilities of use. In concrete terms, for example, essential contractual components could be triggered automatically. The applications of these so-called "Smart Contracts" are numerous, especially in OTC derivatives trading with a high contract intensity of the greatest interest.

With the "Interledger Protocol" (ILP), a sort of referee for all account books, both for digital currencies and for traditional payment methods, the next generation of blockchaines is already on the way. Boberach estimates that payment transactions via ILP including settlement with real-time confirmation will be possible under one second. In addition, ILP promises easier access to existing core banking systems. However, such applications are actually part of the future payment system. In the here and now, there are still the legal bases, banking regulations, standards with regard to transaction details such as SEPA or SWIFT as well as uniform schedules in the process (eg rules, obligations). Still."

[Sukrim]

16 hours ago, Max Entropy said:

That was cruel CM... where is the English for those uni-lingual readers!!

Google and MS Translate muck it up.

Naja, also ich finde, das war jetzt nicht allzu schwer zu verstehen - es sind sowieso sehr viele Anglizismen und englische Fachausdrücke im Text.

[Guest]

Maybe... but announcements have subtle phrases that are butchered by translators. In fact, the Japanese humans do a terrible job of English in their announcements.

Yours below, worked well. I have not had the time to use/compare Google Translate vs MS Translator on my iPad.

--

Well, so I think that was not too difficult to understand now - there are many anglicisms and English terms in the text anyway.
Like this

:-)