Earlier today, Ripple released a video (which is part of a series called “#Crypto in One Minute”) featuring Brendan Berry, who is the the head of payments product management.
Berry identifies three core concepts that need improvement in the payments sector: Cost, Speed, and Reliability. Berry contrasts the experience of making payments within a country to that of making payments across countries.
He notes that in domestic payments, the issues of cost, speed, and reliability are generally well-addressed. However, when it comes to international payments, these issues become more pronounced due to the friction between different systems.
Berry elaborates on the problems with international payments. First, he mentions that the friction between different international payment systems can lead to higher transaction costs. Second, he points out that the involvement of multiple systems can reduce the reliability of the transaction. Third, he states that the complexity and friction slow down the speed of international payments.
Berry then moves on to discuss how blockchain technology was purpose-built to solve these problems in payments. He outlines the advantages of using blockchain or cryptocurrency for payments. Specifically, he mentions that funds can be moved to anyone around the globe, payments can be made almost instantly, transaction costs are significantly reduced, and the decentralized nature of blockchain enhances the reliability of transactions.
Berry wraps up by emphasizing that blockchain can make payments instant, low-cost, and highly reliable.
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