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Ripple seems to be succeeding at championing its cause of integrating itself into baking systems worldwide. It managed to sign an agreement with Moneygram earlier this year to have them use its own blockchain platform for the recording of its financial transactions. Right afterwards we heard of its partnership Chinese business giant, Lianlian. Just this week, there was news that it is also in negotiations with Western Union to have them use its blockchain network as well as the XRP for faster financial transactions. And just today, there are more reports that it has signed a deal with the central bank of Saudi Arabia.

Integrating Blockchain Into The Oil Industry

There are reports that the blockchain company based in California has reached an agreement with the central bank of Saudi Arabia today. The aim of this deal is to help the oil laden kingdom in the far east to easily transact trans-border payments by the use of Ripple’s blockchain software which has proven to be a much faster way of making transactions. The Saudi bank will be using the Ripple XCurrent software for end to end tracking of all its financial transactions.

Pioneering New Trends With Blockchain

ripple blockchain networkThe global head of Ripple’s infrastructure innovation stated that this agreement with the eastern nation’s central bank is the first of its kind i.e. for a central bank to use a blockchain pilot program. This deal by the Saudi central bank is seen by many as a the first of what is going to be a “tradition” in a short wile to come. This is by virtue of how most banks (mostly central banks) across the globe are beginning to look into how this revolutionary tech can be used in trans-border transactions, in an effort to reduce the barriers in trade.

Ripple Stands Out Among The Lot

Whereas bitcoin and several other digital currencies are marketed as decentralised and not regulated, Ripple has branded itself as a more of blockchain solution to financial firms more than as a cryptocurrency developer. Many people critique it because this actually doesn’t reflect the true “principle” of cryptocurrency and blockchain tech.

Moreover, due to how most of Ripple’s cryptocurrency, XRP, has most of its tokens owned by the parent company of Ripple, most think there is reason to believe the digital coin’s price is determined largely by the company and not necessarily market conditions.

Back in December, there was a report that the UAE’s central bank governor had stated that the central banks of UAE and Saudi Arabia were planning on issuing the own digital currency that was going to make trans-border transactions much easier. The digital currency of Ripple, XRP, currently trades at $1.12.

 

 

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