The Japan Bank Consortium might have rolled out a ledger network, provided by Ripple, at a national level, according to unconfirmed reports.
AMBCrypto reports that Ripple shareholders may have teamed up with the Japanese consortium to integrate Ripple’s blockchain into a transaction network of 47 Japanese major banks.
What we do know for sure is that SBI Ripple Asia recently introduced three new schemes to streamline the use of Ripple within the public banking domain, courtesy of Ripple’s Interledger Protocol (ILP).
Late last year, Ripple become the second-most valuable cryptocurrency, after Japan and South Korea agreed to use Ripple in a pilot for their cross-border transactions.
Even more so, late last year, the consortium announced it had made progress and had a production-ready version of RippleNet, to which banks could be easily onboarded. Back then, Ripple and the consortium said they were working together to create a unified platform for domestic and cross-border payments, provided by Ripple’s solution for real-time settlement, xCurrent.
“2017 has been the year of the digital asset,” commented Brad Garlinghouse, CEO of Ripple, at the time. “Ripple has clearly outperformed all other digital assets, the reason for this is that the market has realised XRP is a highly efficient payments mechanism that is solving real-world problems for real-world customers with real money.”
There seems to be a trend across the Pacific where investors are fond of Ripple for its efficiency.
What is Interledger protocol (ILP)?
The Interledger Protocol provides for routing payments across different digital asset ledgers while isolating senders and receivers from the risk of intermediary failures.
Secure multi-hop payments and automatic routing enables a global network of networks for different types of value that can connect any sender with any receiver.
ILP makes it possible for transactions to occur in 0.025 seconds, which can be very appealing to some banks for the possibilities it may offer.
South Korea Woori Bank reportedly completed a cross-border remittance test yesterday using Ripples ILP. However, doesn’t seem to be any record of how long these transactions took.
As a result, there are reports that this made over 60 banks in the Pacific interested in the Ripple’s network, which may have fuelled the rumours of the consortium getting involved.