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Identitii Files For Patent in 2015 to utilize #Ripple/#XRP as Settlement Layer while maintaining Swift Messaging Standards


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2 hours ago, ADingoAteMyXRP said:

That's an incredible find. One of their clients is HSBC.

Indeed this is a great find. As I was looking over the patent PDF sheet/page 16 caught my eye especially the "Proposed System" line B (i.e. Data-enriched for PaaS for customer). It reminds me of an interview that Graham Bright, Head of Compliance and Operations, at Euro Exim Bank gave where he talked about how the bank was in talks with Ripple about how they could further their partnership utilizing more features of Ripple's DLT/blockchain tech stack to create the complete PaaS for their trade finance platform. The actual interview via BloxLive isn't available anymore, however, I found an article highlighting the details of the interview:

“Where we’re also moving with this from a fintech point of view is, how can we take our journey even further forward with Ripple. Not just from the payment perspective. Not just from the use of the digital asset. But perhaps we can also – and that’s what we’re investigating at the moment – is how we can embed instructions for bonds, derivatives, foreign exchange, inside a Ripple message so that we can actually put the whole of the contract point for a particular trade or a buy or a sell for a particular commodity inside a Ripple message as well. So it not only carries a payment instruction, but also the underlying contract’s detail as well."

"Now if we could do that, that means the whole of the ecosystem of trade would not be based on 90 days and hoping somebody pays at the end of the time, but have a defined, absolute exact way of working, tracking, transparency, immutability of the data which is held for every transaction. Because to be fair, trade finance has in the past had a reputation of a lot of fraud going on. There are fake documents. There are bills of lading. There’s release of goods. There are criminals that are trying to sabotage trade all the time. And what we’re trying to do is ensure that every buyer is safe, every seller is safe. And every institution as part of the ecosystem is able to understand where their payment is, where their goods are, how those goods are being put together and all the matching documents that need to go within that environment.”

This is a very good sign as it shows how Ripple is continuing to develop and add new features to the RippleNet platform as well with Codius. 


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