Britt Technology Impact Series

The Ripple Effect on Cryptocurrency

Topics: Big Data / Analytics eCommerce Security

April 23, 2018

Eric Van Miltenburg
VP of Business Operations
Ripple

Today the world sends more than $155 trillion across borders. Yet, the underlying infrastructure is dated and flawed. Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally. Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network created by the Ripple company. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source internet protocol, consensus ledger and native cryptocurrency abbreviated as XRP (ripples). Released in 2012, Ripple purports to enable “secure, instantly and nearly free global financial transactions of any size with no chargebacks.” It supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes.

At its core, Ripple is based around a shared and public database or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process. The network can operate without the Ripple company. Among its validators are companies, internet service providers, and the Massachusetts Institute of Technology. Used by companies such as UniCredit, UBS and Santander, Ripple has been increasingly adopted by banks and payment networks as settlement infrastructure technology, with American Banker explaining that “from banks’ perspective, distributed ledgers like the Ripple system have a number of advantages over cryptocurrencies like bitcoin.”

As of January 26, 2018, XRP is the third largest coin by market capitalization.

Eric is the VP of Business Operations for Ripple. He has 20 years of leadership experience in business development, strategic planning, business operations and corporate development. Prior to joining Ripple, Eric held senior positions with high-growth start-ups and Fortune 500 companies including Adobe, Yahoo!, Hightail, RedSwoosh, Work.com and Excite@Home.com. He is known for his extensive experience in solving complex business problems and executing strategies that help technology companies systematically accelerate growth.

April 23, 2018 | 12:00-1:00pm | Rosenwald Classroom (Byrne)


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