Ripple chief cryptographer David Schwartz claims that banks are unlikely to deploy blockchain to process international payments, citing low scalability and privacy problems, Reuters reports June 13.
In an interview with Reuters, Schwartz argued that despite the fact that banks acknowledge blockchain technology’s potential in reducing transaction times and costs, the technology is still not scalable and not private enough to be implemented by banks on a global scale.
Ripple claims that xCurrent’s immutable “interledger” protocol offers instant settlement, making it superior to existing payment networks.
In xCurrent’s case, the network peers do not have access to a shared ledger, which is the basis of major blockchain networks like Ethereum (ETH) or Hyperledger.
However, the banks rejected the initiative, citing that one cannot just put “the whole world on a blockchain.” According to Reuters, a number of banks have tested and incorporated Ripple’s xCurrent technology for cross-border payments that can “eventually plug them” into distributed ledgers.

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