Japanese banks ready to roll out Ripple-powered technology

Japan Bank Consortium is said to be all set to roll our Ripple-powered blockchain technology in the member banks. Ripple had formed a joint venture with the consortium to integrate Ripple’s blockchain into everyday transactions within 47 of Japan’s major banks. According to earlier reports, SBI Ripple Asia had introduced three new schemes that aim to streamline the use of Ripple within the public banking domain. The ‘streamlining’ comes courtesy of Ripples Interledger Protocol (ILP), which makes it possible for transactions to occur in 0.025 seconds. Earlier, Japan and South Korea had agreed to use Ripple in a pilot scheme to improve their cross-border payments and transactions.