A new report from HSBC, the global banking giant, tags the XRP ledger as a likely game-changer that might aid cut across corporate limitations and prevailing market structures.
It is to be noted that the aforementioned report is the latest in the banking giant’s “game changers” series. Interestingly, it analyzes how DLT possibly will lower costs and perils in the ecosphere of finance.
Furthermore, the report cites the XRP ledger as a persuasive application for Distributed Ledger Technology in the capital markets that central banks might use to control real-time transactions.
As per the report, Distributed Ledger Technology can rationalize end-to-end value transfers, operational dangers, settlement periods, and will reduce costs. The report further gave the example of Ripple’s XRP ledger which provides real-time cross-border settlements, by means of tokens that signify central bank currencies.
The report cites a long list of potential applications for the emerging technology, as for the potential effect of Distributed Ledger Technology as unabridged.
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The report mentions:
“DLT’s ability to establish a ‘single version of the truth’ allows it to cut across corporate boundaries and existing market structures. One of the most obvious applications for DLT is as a single asset register for an asset manager or broker-dealer. This ‘golden source’ would eliminate internal reconciliations, enhance capital efficiency and give clients or regulators controlled access to real-time data…”
The banking giant mentions that there are still obstructions on the path to extensive embracing of Distributed Ledger Technology. Nonetheless, the bank is of the opinion that the tech will remain developing in the upcoming years.
At the time of reporting, XRP CoinMarketCap data shows that XRP is trading at $0.238 with a market cap of $10.27 Billion. Furthermore, third largest cryptocurrency XRP is down by 11.48%. Also, coming as the latest news XRP use cases are emerging in capital markets, music industry, and content creation, as mentioned by Ripple.