In the age of the internet, we can send data and information to anybody around the world almost instantly at little cost. But when it comes to payments, the process is usually expensive and time-consuming because the architecture today is an antiquated infrastructure built decades ago.

Ripple, a US-based payment network and currency exchange, wants to solve this problem by utilizing the power of blockchain. On TechCrunch Hangzhou Blockchain Side Stage, Emi Yoshikawa, Director of Joint Venture Partnerships at Ripple, spoke about how Ripple is using blockchain technology to improve the fragmented infrastructure of payments today.

The idea behind Ripple’s Interledger Protocol is that anyone should be able to send money to anywhere in the world instantly at little or no cost and without the need for payer and payee to set up accounts on the same global payment service. The Interledger project aims to ease the friction of global payments by connecting banks and financial services into a single network. For banks and payment providers, Ripple is utilizing XRP, a highly-scalable digital asset that is used on the Ripple network, to reduce costs and improve efficiency for high-volume transfers.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.