19 October 2017
visit www.response.ncr.com

Smart Token Chain completes Ripple transfer

14 November 2016  |  3923 views  |  0 Source: Smart Token Chain

Smart Token Chain, a fast-growing blockchain specialist in the financial technology (FinTech) sector, has completed its first full Smart Token transaction across the Ripple Network.

“This test confirms the robustness of our blockchain-based solution leveraging our patent-pending Smart Tokens, and deepening trust in our ability to bring speed, accuracy and security to transactions across distributed ledger platforms,” notes STC CTO Morris Mwanga.

Smart Tokens have huge potential in creating more transparency and trust in digital transactions between counterparties whenever value (currency) needs to be exchanged. Using Ripple gives STC universal access to a wide range of partners and customers without having to physically craft a digital relationship with each one. Leveraging the Ripple platform with new Smart Token solutions is accelerating the move toward the launch of a truly useful blockchain and smart contract implementation, which has great potential for making global exchanges of value fast, affordable and highly secure. It also provides a well-documented audit trail that will make dispute resolutions more efficient and less frequent.

Distributed ledger technology allows any connected counterparty to efficiently transact with one another and settle cross-border payments in real time.

“Connecting to Ripple gives Smart Token Chain the most efficient, lowest cost network to move Smart ID Tokens and other asset or message tokens between counterparties. Our successful test proves low cost, faster, more secure global transactions are no longer a thing of the future,” said Smart Token Chain CEO Tom Meredith.

Blockchain combined with tokenization (encryption) and smart contracts improves trust and speeds settlement. New highly efficient networks can lower the cost of cross-border payments and provide the ability for financial institutions to offer new products like smart microloans and insurance products to billions of underbanked people in emerging economies.

“The trend toward a global standard in building and sharing Smart Tokens is accelerating,” adds Mr. Meredith. “We have a clear vision as to how Smart Tokens can interoperate disparate blockchains in an increasingly fragmented market.”

STC is leveraging Ripple’s open, neutral platform (called “Interledger Protocol” or ILP) to move payments globally across different ledgers and networks.

STC CEO Tom Meredith will be attending the International Money Transfer Conference in Miami, FL this week to connect with international distribution partners. Potential partners interested in meeting with Mr. Meredith to explore Smart Token solutions for identity and/or transactional use cases, may contact him directly at tom @ smarttokenchain.com.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nl visit www.vasco.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15605 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8778 views comments | 16 tweets | 22 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
8429 views 0 | 8 tweets | 10 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7872 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7015 views comments | 9 tweets | 17 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job