Published on August 14th, 2015 | by bitcoin0
How does Ripple, a Bitcoin offshoot, affect the financial services industry: IDC – Firstpost
A new IDC Financial Insights study builds on recent IDC analysis of the Bitcoin ecosystem by considering the potential of Ripple, an offshoot of Bitcoin which purports to be an open source, real-time payment settlement infrastructure, and the impact it could have on the financial services industry.
Crucially, Ripple concentrates on providing a payments infrastructure, rather than a new currency, in its attempt to overhaul the international payments landscape.
Representational image: Reuters IDC expects payments through Ripple or similar protocols to grow exponentially in the years ahead.
As such protocols supersede Bitcoin, the distinction between cryptocurrencies and new payment protocols will become clearer, and the banking industry will embrace the protocols.
“Global transaction processing infrastructure needs to evolve quickly to support growing demand for real-time payments,” said Andrei Charniauski, head of Europe, IDC Financial Insights.