Ripple and IOTA Highlighted In A Report By The World Trade Organization. Monday, October 8th
Ripple and IOTA got highlighted in a report by the World Trade Organization
Distributed ledger technologies (DLTs) are changing global financial system
The World Trade Organization has recently released an extensive report, in which it is acknowledged that blockchain technology is reshaping world’s commerce. Dubbed “The future of world trade: How digital technologies are transforming global commerce”, it is a 236 page long document that explains how distributed ledger technologies are impacting international commerce, reshaping the concept of trade and how the government is reacting to these changes.
Ripple orchestrating the change of the banking model
The report makes reference to various cryptocurrencies, such as Bitcoin, Ethereum, Ripple and IOTA. Regarding Ripple, the document notes that this blockchain payment protocol is working to become the platform that will revolutionize the way cross-border transactions are carried out, by giving banks the ability to convert any currency into another through their distributed ledger platform, in a seamless, costless, faster and efficient way.
It also highlights that as of now, more than 100 banks and financial entities have licenses with Ripple, although only a handful of them are making use of their products and services, currently, due to being testing them out and getting accustomed to the technology.
IOTA, an example of Distributed Ledger Technology (DLT) without Blockchain
On the other hand, the report acknowledges IOTA as a leading DLT that has nothing to do with the more-popular Blockchain. This is because IOTA’s technology is not based on blocks and chains – just like Bitcoin and the majority of altcoins.
Instead, its network is a “Directed Acyclic Graph” or DAG, in which each transaction is linked to two previous transactions, thus validating them in a different way. With every new confirmed transaction, the network begins to resemble more and more a tangle, hence the name of IOTA’s network, Tangle. Despite this, people tend to associate the term “blockchain” with any form of DLT, as well as anything related to this emerging technology, the WTO said.
Follow TokenTops on Twitter to stay notified about new articles, cryptocurrency news, ICO announcements and price predictions and analysis.
Legal Disclaimer: Please remember that trading, buying or any other type of investing in cryptocurrencies should be consider risky and may lead to the loss of all of the invested money. For further information visit Terms and Conditions section on TokenTops. We do not encourage our readers to any kind of financial decisions. Neither jury.online nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from jury.online. We believe that everyone should make their own and in depth research on the particular topic in various sources before making any financial decision and this person should be the only one responsible for the outcome. Our writers do their best to remain unbiased and don't actively support any project. The research is done with various sources, the predictions are based on own believes, analytical skills, experts and community discussions and is intended to convey general information only.
You may also like
XRP Leads Market Recovery, Surges By 11% And Leaves Ethereum ETH In The Wind
IOTA’s Slowdown Sees It Slip Behind In Ranking
XRP Market Cap Could Be Overvalued By $6 Billion
IOTA Records New Year Low-Drops Over 6%
XRP Deep In Red As Battle With ETH For No.2 Spot Continues
IOTA (MIOTA) Price Analysis And Prediction-Tough End Of The Year For The Coin
You need to login to create comments.