Money 20/20 USA is one of the largest futuristic events in the US where companies and individuals interact over three days to discuss artificial intelligence, big data, alternative lending & credit, banking & personal finance, blockchain technology and many more industries.
Ripple was delighted to be one of the blockchain companies present at the event with David Schwartz and Chris Larsen part of the representatives of Ripple Inc. at the event.
Blockchain’s the key to the future: David Schwartz
In a debate on whether blockchains will replace the payment systems in the near future, David Schwartz, the Chief Cryptographer and CTO of Ripple Inc. offered points for a blockchain revolution while his opponent, Esther Pigg, the SVP of Product Strategy at FIS Payments, offered the inefficiencies that blockchain technology faces.
David offered the main reasons as to why the blockchains will overtake the current payment systems which are in “postal and batch era”. Security, reliability and governance allows the blockchain systems to work faster and at a greater scale than the current systems that can take up to a week to transfer funds.
He further stressed that the technology is gaining adoption in the developing economies at a rapid rate. He said,
“Look at what email did to postal mail. Look at what digital music did to CDs. And, if you look at the developing world, they skipped landlines completely. The same can be said for the developing world moving straight to mobile wallets.”
Esther argued against the idea of blockchains replacing the payments system citing regulatory uncertainty, scalability of blockchains and interoperability as some of the reasons hindering the adoption of blockchains.
On the point of scalability, David acknowledged the problems facing the blockchain system however Ripple carries out 1,500 transactions per second which is at scale. Regulations and governance of blockchains and digital assets is key to the development of the technology which governments should start to look at. Interoperability on blockchains is actually possible through the ‘Interledger’ protocol.
“Interledger is similar to how Internet IP works today. It allows all blockchain ledgers to connect, regardless of what digital assets are being exchanged across them.”
Overall the debate ended in a balanced fashion according to the audience who voted.
The Chris Larsen Show
Earlier this year, the largest XRP individual holder, Chris Larsen was estimated to be worth $20 billion by Forbes. This made him the richest person in the crypto world and despite the recent troubles of XRP’s price, Chris is still a crypto billionaire. The well-known figure had to be included in the Money 20/20 USA conference where he held a fireside chat with Arjan Schütte, the Founder and Managing Partner of Core Innovation Capital on the regulation aspect, Internet of Value and Ripple.
“There is a ‘techlash’ going on, for sure. Silicon Valley has missed the boat. They’ve moved fast and broke things and didn’t worry about the consequences. This is where FinTech has struggled. Pure code is one thing, but it has to also be compliant and regulated. Technology is embedded in everything these days, and people are scared. They don’t want to hear how you’re going to break things.”