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ComBank partners with Ripple for blockchain powered transfers

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Earlier this week, the banking-world got introduced to the news that The Commercial Bank of Ceylon, had agreed to partner with RippleNet, a global settlement platform leveraging Ripple’s Blockchain technology that enables both inward and outward blockchain technology-powered settlements to take place. These inward and regulator accepted outward blockchain transfers are virtually instant and super secure.

By partnering with RippleNet, The Commercial Bank of Ceylon guarantees payments get done and received promptly by their customers with an end-to-end tracing and tracking solution. The whole process of transferring payments is completed in a transparent and tamper-proof manner that also allow the transfer of lower monies that are reasonable due to the low charge rates that are associated with them, the Bank’s management disclosed.

Ripple blockchain technology allows users to have a simplified and seamlessly experience by offering a straightforward payment settlement process; thanks to the removal of numerous steps in the systematic process. Blockchain technology has also made it easy to move funds on a real-time basis, contributing to improved productivity.

Also, while traditional money transfer regulations require a third-party to handle the authorization and release of payments, Ripple blockchain tech removes this middleman requirement that consumes time. Blockchain’s decentralized structure is one of the core reasons why the money transfer process takes place at super-fast speeds while costing less.

Worth noting, the Ripple technology possesses attributes that prevent any unauthorized entity from accessing the payment data and is additionally equipped with an anti-fraud attribute that makes it cumbersome for hackers to gain access into transactions.

Thanks to its advanced technology, the Ripple network links banks, payment providers, and financial institutions ensuring users enjoy a seamless experience in sending and receiving money globally.

Back to ComBank, The Commercial Bank is one of the significant financial players in Sri Lanka in the area of money transfer, offering customers a wide range of services. Some of the services they provide include ‘e-Exchange,’ which happens to be the bank’s own advanced real-time online currency transfer service rivaling other giant providers such as Ria, Express Money, and MoneyGram in the country.

Following Ripple’s backbone technology, the blockchain is positioned to bring innovation in the area of cross-border money transfers given that The Commercial Bank is going to implement this its services in Sri Lanka. Other financial players are also warming up to the idea of partnering with RippleNet.

To those who do not know, one of the core strengths associated with The Commercial Bank is its island-wide network that is comprised of 263 branches, many of which operate even during public, mercantile, and bank holidays in Sri Lanka.

Receivers of money transfers sent to the Bank enjoy multiple benefits such as steadfast customer care services for money transfers and SMS alerts facilities once funds are received and are ready to be disbursed. Other benefits include over 50-holiday banking centers and hypermarket counters.

Ripple’s partnership with The Commercial Bank is not a little fete, as the bank is the only Sri Lankan financial institution to be rated among the leading 1000 banks globally for eight consecutive years straight. ComBank has won over 50 local and international awards from 2016 to date.

ComBank influence seems to be international as it overseas operations that incorporate Bangladesh, where the financial institution run 19 outlets. In Myanmar, the bank has a representative office in Yangon and the Maldives; the bank has a fully committed Tier I Bank that enjoys a majority stake. ComBank also has Microfinance business in Nay PyiTaw, and in Italy, the Bank operates its money remittance service.

It is without a doubt that the partnership between Ripple and ComBank will be beneficial to both parties as they both bring a lot of goodies on the table. It is a space worth watching.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Can Sharding Fix the Limitations of Blockchain or is the Network Doomed?

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Performance and scalability issues have bottlenecked the future development and real-life application of popular mainchains, such as Bitcoin and Ethereum. Many methods have been employed to solve this problem, but all of them have their own pros and cons.

The Impossible Trinity – safety, decentralization and scalability, coined by the blockchain world, bars the way to the future and the industry has fought hard to figure out an optimized solution. Sharding, proposed by Ethereum, has been viewed as one such candidate.

What is sharding?

Sharding technology splits a network into smaller partitions called shards, which contain an independent state and transaction history. The idea behind this is to divide a huge amount of workload into smaller pieces to make life easier for every participating node.

If sharding were to be adopted, each node will only need to keep a part of the network’s information, instead of downloading the whole ledger, which can lead to a large data file. Subsets of nodes grouped into one shard will only process transactions specific to that shard. By doing this, the network will be able to process many transactions in parallel, and the performance will continue to increase with more nodes joining in, thus making the network highly scalable.

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Altcoins

Encrypgen’s New HODLING Incentive Program May Send DNA Token Soaring

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Cryptocurrency traders have enjoyed a Bitcoin moon shot during the past few months.  Those gains have created a much more enjoyable environment for crypto bulls.  Whether it’s a temporary or permanent increase remains to be seen but hitting the 10,000 level has put everyone in a better mood.  Unfortunately, altcoins have not had experienced the same type of gains and are lagging significantly behind Bitcoin.

I’ve written articles in the past year that there is at least a decent chance that many altcoins won’t survive the current environment.  The ones that do will do so because they created a platform that has real world usage.  After spending countless hours researching many of the existing altcoins, I’ve yet to see a company that is more promising than Encrypgen (DNA).

Encrypgen Background Information

Encrypgen is a genomic blockchain network that provides customers and partners with best-in-class, next generation, blockchain security for protecting, sharing and re-marketing genomic data. This creates a fair marketplace for a person’s DNA that can be stored privately and sold (if a person wishes to do that). A person’s DNA can also be shared privately and securely with their physician for their personalized care.

Typically, people can send their DNA off to a lab to find out who they are and where they come from. As fun as that might sound, there is a significant security problem…

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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