Eva Kaili, a member of the European Parliament, talked about blockchain technology the Ripple Regionals event. Kaili explained how distributed ledger technology (DLT) is disrupting different economic sectors around the world. The event was hosted in London and attracted a lot of attention from crypto and blockchain enthusiasts in the city.
Eva Kaili Talks About Blockchain Technology at Ripple Regionals
At the event, she talked about blockchain technology and its evolution throughout the years. She explained that she faced a lot of pushback from the first DLT conference she attended around five years ago. Due to this situation, she started to learn more and more about the technology.
Kaili said at Ripple Regionals:
“I believed that if we were not positive, the resistance of the traditional players would only increase and could even kill a technology that had so much potential for good.”
She went on saying that there is a large difference between the blockchain market 5 years ago and now. Clearly, the technology has been improved and there were several pilots testing real-world use cases. Companies, governments and firms have implemented different DLT systems to improve their procedures, systems, goods and services.
Eva Kaili said that regulations related to this technology have been well-received at the EU level, financial institutions included. At the moment, digital assets and blockchain technology are being accepted by regulators all over the world. Although it does not mean that all the countries will be embracing DLT or cryptocurrencies, it is a step forward that would allow private companies and agencies to start working with these technologies.
Financial and banking institutions are currently using blockchain to improve their services. Ripple, one of the largest companies in the crypto space, is working with banks and companies around the world to help them process cross-border payments. Using the xRapid product, firms are able to source liquidity on-demand. The xRapid product works with the popular digital asset XRP.
A few months ago, Ripple mentioned that they already have more than 200 companies and institutions connected to the Ripple Network. In the future, there will be many other banks working on the Ripple Network. A selected group of financial institutions is using the xRapid product with the XRP virtual currency.
Currently, each XRP can be purchased for $0.305 and it has a market capitalization of $12.56. XRP is the second most valuable cryptocurrency after Bitcoin.