Chief Ripple cryptographer David Schwartz claims, that banks, most likely, will not apply the blockchain technology for international money transfers in the nearest future. For now, the technology doesn’t have the needed level of scalability and reliability, which is required for such level of operations.
Banks acknowledge the blockchain technology potential for the future, as well as the opportunity to reduce the time needed for transfer and the cost, the blockchain technology isn’t reliable and safe enough to provide the needed level.
The current xCurrent`s is a ledger that offers instant payment, which makes it superior to the payment networks that exist, however, this is not a distributed ledger. The peers don’t have access to the ledger, and this is the main difference of xCurretn from the blockchain. Hence, this is not the common blockchain technology.
The firm launched projects on the implementation of the classic blockchain payment networks, one of them is the xRapid platform, and Santander, a Spanish bank, has already started using the blockchain payment network One Pay FX, and this is the first bank that did so.