Marcus Treacher, the Global Head of Strategic Accounts at Ripple, appeared at the Blockchain Live event held in London, wherein he spoke about the Inter Ledger Protocol [ILP], and how Ripple was utilizing the protocol for cross-border payments.
He said that from the outset, Ripple was focused on solving existing problems in cross-border payments and making the experience, a media that is largely better than what it is at present.
He went on to state that during the process, they came across a problem, where they realized that they cannot place or integrate the world on the blockchain. Marcus said that since then Ripple was concentrating on how to tie the world and blockchain together.
As a solution, he stated that the company turned its head towards Inter Ledger Protocol [ILP]. Marcus stated:
“An interesting model that we are really big fans of that we’ve actually adopted is the Interledger model. The idea is that you take the design of the internet for information and you kind of recreate that using cryptography in a kind of blockchain connected way.”
Marcus stated that the aforementioned way is how Ripple connects its banking partners and payment company partners all over the world and it works fine.
Speaking further on the same, he stated that the protocol works because nobody at the present scenario can “jump beautifully into a blockchain world” as everybody lived in a “very messy world”. The global head stated that there will certainly be an availability of “islands of information and data of value.” The trick is to interconnect everything, he added.
He went on to say:
“If you could create an internet model for value, or for identity, then you’ve really got something because the open connectivity allow the absolute connect across.”
Marcus Treacher concluded by stating that without having to worry about level-1 or level-2, Ripple was focused on creating a genuinely interconnected world.