Ripple Partner Santander Explores Ethereum Blockchain in Full Scale

[solodeji]

https://todaysgazette.com/ripple-partner-santander-explores-ethereum-blockchain-in-full-scale/

Spanish bank Santander, which is also a Ripple partner, indicates it is exploring Ethereum blockchain in full scale, after the bank issued tokens for a bond totaling $20 million...

[Caracappa]

36 minutes ago, solodeji said:

https://todaysgazette.com/ripple-partner-santander-explores-ethereum-blockchain-in-full-scale/

Spanish bank Santander, which is also a Ripple partner, indicates it is exploring Ethereum blockchain in full scale, after the bank issued tokens for a bond totaling $20 million...

Good! They use ETH for an internal proces that needs a smart contract to issue bonds. Luckily it has nothing to do with cross-border payments for their customers and with ETH scalability and ease of programming probably works fine for that purpose. Doing thousands of real-time micro transactions on ETH is a whole other thing...

At least they start to love blockchain for their processes.

[Valhalla_Guy]

37 minutes ago, Caracappa said:

Good! They use ETH for an internal proces that needs a smart contract to issue bonds. Luckily it has nothing to do with cross-border payments for their customers and with ETH scalability and ease of programming probably works fine for that purpose. Doing thousands of real-time micro transactions on ETH is a whole other thing...

At least they start to love blockchain for their processes.

I guess the obvious question would be: If micro trans are indeed a “Whole other thing” then why not use the tons of XRP they already own for both types of transfers?

Seems odd that a bank that holds the magic key for real time settlement, (domestic and cross border; macro or micro) refuses to use it; instead opting for a completely different tech, from a competitor, with whom they hold no allegiance. 

Sounds like having a tool box full of hammers, but instead choosing to use a rock to get the job done. Hammer works better than rock, regardless of the size of the nail.

[Caracappa]

6 minutes ago, Valhalla_Guy said:

I guess the obvious question would be: If micro trans are indeed a “Whole other thing” then why not use the tons of XRP they already own for both types of transfers?

Seems odd that a bank that holds the magic key for real time settlement, (domestic and cross border; macro or micro) refuses to use it; instead opting for a completely different tech, from a competitor, with whom they hold no allegiance. 

Sounds like having a tool box full of hammers, but instead choosing to use a rock to get the job done. Hammer works better than rock, regardless of the size of the nail.

We can only speculate why they use ETH, but perhaps the smart contract function and programming language works better for them. The bonds are to be held for a year after which the smart contract should release them according to the news item, probably when certain conditions are met. Escrow is not enough, it needs to be released according to smart contract conditions, not just a blind release after a year.

XRP has a smart contract function I read somewhere, but it is not as widely used as ETH. Perhaps to complex?