What is Ripple Blockchain? Everything You Need to Know in 2021

Ripple is a popular name in the tech industry. And Ripple blockchain has created a lot of buzzes. We all know how blockchain is transforming the industry as we know it. But what is Ripple a blockchain technology? What is it, and how does it work?

What is Ripple?

Ripple is both a platform and a currency. Meaning, it is a technology that acts as both a cryptocurrency and a digital payment network for financial transactions. The Ripple platform is an open-source protocol that is designed to allow fast and cheap transactions.

It’s a product of Ripple Labs and is gaining popularity because of its innovative method of performing currency exchange and payment settlements. The cryptocurrency of Ripple is XRP. And this platform has over a hundred organizations as its customers all over the globe.

What is Ripple used for

· Low commission currency exchange. There are many currencies that can’t be directly converted to each other. So, banks need to use the US dollar as a mediator. So, there is a double commission: converting currency A to USD and USD to currency B. Ripple is a mediator too, but much cheaper than USD.

· Fast international transactions. Average transaction time is 4 seconds. Compare it to hour or more for Bitcoin and a few days for regular banking systems.

· Payment ecosystem. User can basically issue his own currency for fast and cheap transaction. For example, one can create a currency to buy and see vintage vinyls or action figures between the collectors.

Which banks support Ripple?

· Santander

· Axis Bank

· Yes Bank

· Westpac

· Union Credit

· NBAD

· UBS

How does Ripple Work?

Ripple is not decentralized like other conventional blockchain networks. A strong network of validating servers and a ledger secure this system. The internal ledger of Ripple guarantees customer transactions. The parent company, Ripple Labs, handles the release of coins.

But the best thing about Ripple is, its transactions aren’t limited to its cryptocurrency, XRP. You can transfer any commodity, including gold, through Ripple as long as you’re able to find a facilitator who can make its transactions.

Ripple v Bitcoin

While Bitcoin is a digital currency intended as a means of payment for goods and services, Ripple is a payment settling, currency exchange, and remittance system intended for banks and payment networks. The idea is to provide a system for direct transfer of assets (e.g. money, gold, etc.) that settles in almost real-time and is a cheaper, more transparent, and secure alternative to transfer systems used by banks today, such as the SWIFT payment system.

Bitcoin is based on blockchain technology, while Ripple doesn't use blockchain but uses a distributed consensus ledger using a network of validating servers and crypto tokens called XRP (sometimes referred to as Ripples).

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