Ripple (XRP): Today the Visa network crashed all across Europe, leaving many people frustrated and unable to pay bills, or even travel. Visa has admitted that there was a problem. In a statement, the company stated that, there was a problem, and that they are working to quickly resolve it. This crash only leads to the increased need for blockchain technology in the finance industry.
Current financial systems including the one used by Visa are not designed for finance in the digital age. They were designed before the age of the internet. This explains why banks are increasingly moving towards blockchain solutions like ripple. Credit card companies too are looking into such solutions. That’s why some time back, it emerged that Visa was looking to develop its own blockchain infrastructure that mirrors ripple.
However, from a critical perspective, it makes more sense for Visa to work with ripple as opposed to developing its own infrastructure. That’s because for a ripple (XRP) like infrastructure to work, it needs support of other financial institutions. It is highly unlikely that visa competitors would use a visa blockchain, and give their competitor an edge in the market. If anything, this could only drive them more towards ripple, further giving it more credence in the finance industry. A partnership with Ripple is the only viable alternative.
So how would a ripple-visa partnership eliminate chances of this crash recurring? Well first, ripple sends payments in a decentralized environment, which makes it impossible for hackers to disrupt the system. In this age where hackers have the capacity to take over almost any centralized system, the only solution is to decentralize, and that’s exactly what ripple can offer to Visa and other credit card companies. Ripple can also enhance the speed at which visa carries out transactions, making it even more effective for cross-border payments. That’s because at the moment, Ripple’s transaction speeds are way higher than those of Visa, making it the perfect partner in enhancing customer service.
In essence, this crash in the visa network could actually be a precursor to some huge partnerships that could see ripple become the leader in global financial transactions. Whatever angle you look at it from, one thing is clear, the global financial system is at a tipping point. The old system no longer works in today’s heavily computerized world. It is systems like ripple that stands a chance to change the world as we know it.
As a ripple investor, if such a deal happens, you could literally be standing on a gold mine. Ripple (XRP) could easily skyrocket to hundreds of dollars a coin. That’s because it is already integrating with banks at one of the highest rates for any other blockchain. A partnership with credit card companies would see ripple take full control of the finance industry, and that’s huge.
No one can tell the future, but cryptocurrencies are at a point where they could explode in values, to levels not seen before. All it could take is a collapse in the financial system, and the Italian crisis could be a starting point. Hold on to your coins and watch.