Ripple is creating waves and is for sure one of the most disruptive technologies when it comes to cross-border money transfer and financial applications. In this post, lets take a look at some of the use cases that can be done using the Ripple Blockchain Technology. Also discuss some important points regarding Ripple Blockchain development. And also take a glance at some of the qualities required by a Ripple blockchain developer and Ripple development company.
Looking for a good Ripple Blockchain development company? Click HERE.
Cross Border Banking
Transferring money across borders and remittance has always been a nightmare. It is one problem that has not been solved by any technology so far. The payments that appear to go through quickly today is merely due to the fact that the remittance bank on the other end pays out using its own liquidity ( until the transferring bank clears the debt ). This is the reason for slow first time transfers and high remittance fees.
With the Ripple Node / Ripple blockchain technology to the rescue, this cross border financial transactions issue can be solved once and for all. The Ripple network has its own cryptocurrency called XRP that the company leverages to instantly make financial transfers happen. Ripple as a company is very bullish in creating tie ups with a lot many big banks across the globe. With so many banks to the rescue, the cross border transfer problem will be history soon.
Point of Sale systems on Ripple
The beauty in establishing POS systems using the ripple technology is that clearances for merchants can happen in real-time thus not causing cash flow issues. Also if the system becomes so sophisticated that banks that are tied up with Ripple, start accepting XRP payments, the POS machines can completely start becoming offline systems. The POS systems can be used completely without the requirement for internet connectivity and clearance happening still with XRP loaded inside the systems.
For developing a Proof-of Concept ( POC ) or a project using the Ripple Blockchain technology, the Developer or the development company needs complete understanding of the system. Ripple as such has made the technology part very easy with sophisticated API’s and SDK’s. The most required thing by the Ripple developer is the domain knowledge and Blockchain development experience.
Ripple has some detailed documentation on how to get started with Ripple blockchain development. You can check them HERE.
The project you are planning on getting developed using the Ripple blockchain can be developed using any base technology ( Php, Java, NodeJS, Python, Ruby on Rails etc. ). The front end can be a web based application on Angular, JS etc. -or- a Mobile app on Android or IOS.
Regarding the servers that you intend to use, go with elastic instances like Amazon, Digital Ocean etc. So you only pay for the resources you make use of. And incase your project receives spikes in traffic, it is also taken care of. Thus always ensuring a smooth user experience.
We will very soon see many banks releasing their own mobile apps backed by the Ripple blockchain technology. As a startup there are many ideas that can be done on Ripple. And Ripple itself has a fund that facilitates startups to build innovative solutions using its blockchain technology.