Ripple CEO at Money20/20 Asia: A New Payments System for the Digital Age
It was standing room only inside the Money20/20 Asia fireside chat “A New Payments System for the Digital Age” — as Ripple CEO Brad Garlinghouse shared the stage with panel chair Faisal Khan — and outlined his vision for the future of Ripple, XRP and the Internet of Value.
filled quickly in the lead up to the event as the room buzzed with
conference goers waiting for Garlinghouse to take the stage.
Prior to Garlinghouse’s appearance, Dilip Ratha
the World Bank’s lead economist for migration and remittances, spoke
about worldwide remittance trends and provided some insightful takeaways
about the future of their costs.
Ratha stated that a critical sustainable development goal of the World Bank
is to lower the cost of remittances globally from 7 percent to 3
percent by 2030. When Garlinghouse took the stage, he immediately
connected these statistics back to Ripple’s goal of establishing an
Internet of Value.
“If we haven’t lowered the cost of remittance
payments by 300 basis points by 2030 as a business, we have failed,”
said Garlinghouse. “If we’re successful, we’re not talking about 300
basis points. We’re talking about 30 basis points for the cost of
The statement itself is bold, and the
potential positive impacts of lowering remittance payment costs so
significantly could be exponential for the global economy. In
Garlinghouse’s vision of the future, he’s hopeful a remittance payment
of 200 dollars would cost 60 cents rather than 14 dollars on average
If Ripple’s Internet of Value is established in this same
timeline, not only would the cost of a cross-border payment drop
dramatically, but in theory so would the time it takes money to move
country-to-country. In this vision, the time it takes would be instant.
conversation then addressed the need for the continued adoption of
Ripple solutions by the payments and financial industry to remove
friction from global payments.
This fact led Garlinghouse to a
critical point: Digital assets could work together with financial
institutions rather than disrupt them. He argued that, “global payments
and banking won’t be changed from the outside; they will be changed from
Khan then asked Garlinghouse how Ripple’s xCurrent
solution compared to the SWIFT system used historically by financial
institutions to settle cross-border payments. Garlinghouse did not hold
back on why blockchain-powered solutions are superior.
published error rate is six percent,” said Garlinghouse. “Imagine if six
percent of your emails didn’t go through without additional human
Audience questions that were submitted online also
made their way on stage. Garlinghouse was asked to address criticisms of
Ripple and XRP. The first focused on the digital asset volatility and
whether that would prevent widespread adoption for cross-border
“We’re talking about three seconds of volatility risk
when using XRP for cross-border payments,” Garlinghouse countered. “The
reality is you’re exposed to more volatility when doing a traditional
transfer with fiat currencies, and that takes several days.”
Garlinghouse was referring to when financial institutions use xRapid for cross-border payments
reality is we’re working with decentralized technology,” stated
Garlinghouse. “If Ripple goes away, and I really hope it doesn’t, the
XRP Ledger will continue to exist.”
much dedication and patience, this week we managed deliver our next
release — 0.10.0. The release focuses on optimizing and improving the
security of the peers synchronization protocol by reducing the amount of
data exchanged between them and ensuring the synchronization is
resilient to network failures.
But there is more. In addition to the work on æternity’s sync protocol, the new release:
verification of the Coinbase transaction, by including the mining
reward within it. This impacts both the consensus and the persisted DB;Makes the lookup of blocks/headers by height faster by introducing an index in the DB. This impacts the persisted DB;Fixes
an attack vector, in which a malicious node can claim to be at height
one million ahead with higher difficulty. Before this fix, a peer would
have to read all one million headers and start building the chain before
they are able to detect the node’s malicious behavior. If this attack
is done repeatedly, it could completely deplete the node’s memory. The fix allows a peer to determine if the node is malicious and break all further communications with it.
In parallel, we are continuing our work on the VM and the Sophia smart contract language,
we are continually making progress on implementing state channels that
will make our smart contracts fly and harden the security of
peer-to-peer communications by finalizing the integration of the Noise
Your support is always welcome and its best form is code and/or ideas. Show us what you got!
Here is a photo of us, looking forward to your commits :)
Rivetz - Solving America’s prescription system, one blockchain at a time
Logo via Project Heisenberg
team including Rivetz app developer Tyler Diaz captured second place in
the Discover blockchain technology hackathon as part of the D.C.
Blockchain Summit run by the Chamber of Digital Commerce this month.
team settled constructing a solution that solves a few problems with
the existing prescription system: synchronizing which patient has
collected which RX among doctors (to prevent patients trolling between
hospitals for drugs) and making forgery impossible (since it’s
team spoke with a pharmacist to learn more about security holes,
pain-points, and inefficiencies associated with the current system. The
need for a new system was immediately apparent, as the team learned:
There is no authoritative source of truth when it comes to the data layer for pharma prescriptions.
This anecdote from the pharmacist shows how there is little ability in the system to properly police for forgeries:
on how I am personally feeling, my relationship with the doctor, and
how truthful I believe the patient is being, I may decide to call the
prescribing doctor and verify the prescription.”
design used the ERC-721 in a consortium Ethereum blockchain. The idea
was to use non-fungible tokens as a way to represent each prescription
drug. If they had used an ERC-20 token instead, a doctor theoretically
would be able to swap opium for Adderall within the network.
five team members slept on floors and fueled themselves with junk food
for the 24-hour hackathon, which started at 8 a.m. March 5. The team won
“I came out of it,” Tyler said, “with a stronger understanding about Solidity and Ethereum.”
the end of the 24 hours, Project Heisenberg had three web portals up
and running — one each for doctors, patients, and pharmacists. The
project works as follows:
Image via Heisenberg Project
Doctor — Prescribes
medication by executing a smart contract that tokenizes a valid
prescription, based on metadata such as Doctor ID, Patient Name,
Quantity, Dosage, and Expiry Date.Patient — Receives
a token representing a valid prescription issued by a Doctor. Fills a
prescription at an authorized Pharmacy by sending token to the
Pharmacy’s public wallet.Pharmacy — Disburses
medication after receiving token from a Patient, and is
payment-agnostic as to receiving token or fiat currency as payment for
prescription. Verifies a valid prescription by checking the permission
blockchain for a signature between the Patient and Doctor.
first-place team was dubbed “Seek Refugee” and its solution was to help
provide a dignified journey for refugees. They won 1 BTC.
Solutions to the Healthcare Industry’s Woes Lie in Blockchain Technology
Buzz is debuting on the Lisk Blog this week. This series will highlight
and investigate different industries that are making real moves towards
the adoption of blockchain technology. The first article of the series
explores blockchain in healthcare.
benefits of blockchain technology are expected to reach and transform a
number of industries, ranging from agribusiness to real estate.
However, it is fair to say that one industry in particular is rapidly
moving towards adoption of the technology — healthcare. As the Lisk Academy points out in its comprehensive section dedicated to Blockchain in Healthcare,
“the industry is one of the most proactive and excited about switching
to a blockchain healthcare system with over a quarter of stakeholders
surveyed by the research company Deloitte disclosing an investment of
over $5 million or more into the space.”
only is the healthcare industry antiquated, the issues surrounding the
bureaucratic red tape that plague the industry are also cumbersome.
There exists poor interoperability and a lack of proper data management
The United Nations Department of Economic and Social Affairs published a news brief
this month stating the need for more and trustworthy data as “accurate
data is the lifeblood of good policy and decision-making,” according to
UN Secretary-General Antonio Guterres.
this month at the HIMSS18 conference in Las Vegas, one of the most
important conferences in the world for health information and
technology, Eric Schmidt, former executive chairman of Google, discussed
the current state of the healthcare industry and why it desperately
needs to utilize innovation. “We’re in the Stone Age now” as “80% of
referrals and insurance interactions seem to be done by fax,” he cited.
In addition, doctors spend “two hours of admin time for every one hour
in front of the patient…no wonder 50% of the physicians report burnout,”
he said. Schmidt cited another problem as “alert fatigue — they’ve got
so many different systems that are not particularly integrated that all
these alerts are going on.” The plethora of benefits associated with
data analysis cannot be tapped without the use of innovative
technologies that are available to us.
referenced previously unthinkable innovations such as email, the
internet and smartphones, calling for a “killer app” to change the
industry as we know it. As HealthcareITNews summarized,
what it will take is “a clinical data warehouse packed with diverse
data sets that are curated and normalized such that sophisticated
analytics can be run against the data and accessed with a rich API.”
easy to imagine that this “killer app” will make use of blockchain
technology: a decentralized system incentivizes convergence on a single
standard, making it easier for data consumers to interact with data from
There are a number of blockchain technology companies working to improve data exchange. For example, Berlin-based Ocean Protocol is a decentralized data exchange protocol working to make data universally available for applications in AI and much more.
one can imagine, blockchain for healthcare was a hot topic at HIMSS18.
During a panel titled “Blockchain 4 Healthcare: Fit for Purpose?”
industry experts including the likes of Tim Mackey, director of the
Global Health Policy Institute at UC San Diego, and Health Linkages CEO
Robert Barkovich discussed the natural applicability of blockchain in
their industry. According to an article
by HealthcareITNews, Tim Mackey stated that “some of the core
principles of blockchain apply to healthcare,” and “this immutable
distributed ledger can better ensure the resilience and provenance,
traceability and management of healthcare data.” Barkovich added that
“blockchain lets us agree on history, even if we don’t all agree or
trust each other” and “there’s no need for a trusted third party — it’s
all there in the chain.” He explained “by its very nature, blockchain is
well-positioned to be part of a solution to many problems in
healthcare.” Blockchain technology supports interoperability and
seamless exchange of health information.
company present at the conference, TrustedHealth, a blockchain-based
specialized medicine digital ecosystem for physicians and patients, is
“completely digitizing and decentralizing the healthcare process on the
blockchain” with a focus on life-threatening and rare diseases. They
hope to enable patients to receive the correct information regarding
their condition by connecting them with the specialists they need. As the healthcare news outlet stated,
TrustedHealth “enables virtual conversations and knowledge sharing
while simultaneously gathering Big Data to be used to further research
into specific conditions.”
To learn more about blockchain use cases for healthcare, please read the Lisk Academy’s comprehensive section addressing this.
and health professionals are not the only ones who understand the
implications of blockchain technology for the healthcare sector;
investors are taking notice too and pumping a great deal of money into
healthcare-focused blockchain companies. In January, San Francisco-based
startup Akiri, which runs a blockchain-based network-as-a-service
platform for the healthcare industry, scored $10 million in funding from
Health2047. Health2047 is an innovation enterprise developing and
commercializing solutions for data liquidity, chronic care,
productivity, security, and payments for the healthcare industry. The
American Medical Association (AMA) is one of the founding members of the
this month, Millennium Blockchain, a US-based diversified holding
company focusing on blockchain technologies and crypto-assets in
financial markets, healthcare, crypto-mining and high technology
sectors, signed a deal with BurstIQ in which it invested $5 million.
Health data not only exists in silos but is also bound by HIPAA (Health
Insurance Portability and Accountability Act) regulations, making it
difficult to share the information. BurstIQ is attempting to solve these
challenges by leveraging blockchain and machine intelligence to allow
data to be brought together in a repository for efficient sharing.
BurstIQ is HIPAA-compliant.
there is a great deal of investment in blockchain startups, many
companies are choosing to develop the technology internally. At SXSW
HealthSpark last week, Palo Alto, Calif.-based Medable Inc., an app and
analytics platform for healthcare, announced INSIGHT,
a blockchain-powered platform that enables medical data exchange among
patients, medical researchers and biopharmaceutical companies. Medable
is launching this blockchain network in order to combat low research
participation for new drugs as well as inadequate public funding for
research and a lack of meaningful data sharing among research groups.
technology will enable “auditable, transparent, and self-directed data
sharing of digitome data.” In fact, “as researchers use the Medable
platform, they are able to contribute data to the digitome in exchange
for funding and other research resources. Access to the dataset can then
be requested by third parties via smart contracts, which utilize
self-sovereign digital participant identities to give individual
participants the power to consent and be rewarded for sharing the
requested research data and/or consideration of a related clinical
trial.” The company raised $5 million in funding in February.
In a detailed blog post,
David Houlding, director of Healthcare Privacy and Security at Intel
Corp.’s Intel Health and Life Sciences unit and Heather Flannery, CEO of
Obesity Prevention, Policy, and Management, Inc., set out to provide
best practices and key use cases for how blockchain technology might
affect the healthcare ecosystem in the future.
0 represents where the world is today — “the majority of healthcare
data today is stored within various enterprise system data silos with
healthcare providers, payers, pharmaceuticals, life sciences, or
business associates/data processors.” This data should be shared in
order to improve quality of care and to lower costs.
1 represents the next logical step, blockchain, as it enables the
sharing of data between healthcare organizations — “Existing healthcare
B2B networks have been identified as near-term opportunities for
blockchain to add value. These range from clearinghouse networks, health
information exchanges, drug and medical device supply chains, provider
credentialing networks, clinical data sharing networks and many others.”
2 involves smart contracts can be “built upon blockchains and introduce
executable code that can trigger on matching blockchain transactions,
automate processing, and output results onto the blockchain.” They will
enable “more code to be executed directly on blockchains, versus only
within healthcare organizations enterprise systems as is done today.”
for Layer 3, cryptocurrencies and tokens can then be introduced, as
they are built upon blockchains and smart contracts. The article states
“cryptocurrencies and tokens may make sense for some healthcare
blockchain use cases and enable new commerce and incentive systems. For
example, patients may earn cryptocurrency or tokens by participating in
clinical research studies using blockchain, and redeem this value to
help offset their healthcare costs.”
finally, Layer 4 points to artificial intelligence and machine
learning, which, for example, “can help analyze various types of scans
for heart disease and lung cancer, enabling earlier detection and
improving patient care options.”
technology stands to significantly improve the healthcare industry as
we know it. Lisk is excited to greatly contribute to the sea of change
that this industry and many others are about to experience.