Hedera And Ripple Will Change Traditional Digital Payment Systems

XRP and HBAR coins are the two main points of blockchain free instant payment platforms. Each is managed by Ripple and Hedera Hashgraph. (Photo; Doc. Compateur Banque)

JAKARTA - Blockchain platforms focused on payment transactions, Hedera (HBAR) and Ripple (XRP) are reportedly exploring strategic partnerships that have the potential to change global digital payment systems. The partnership plan was unveiled by Shawn Oroogle, a member of the World Economic Forum, who said the two companies, Hedera and Ripple, would combine their own blockchain technology to create a faster, more efficient, and transparent transaction system.

This collaboration focuses on integrating the Hedera coin, HBAR, with Ripple's RLUSD stablecoin. This step is not just an ordinary partnership, but has the potential to be a milestone in the blockchain-based financial world. Hedera and Ripple are predicted to be able to overcome the problems that exist in traditional payment infrastructure.

One of the important elements in this collaboration is the Federal Reserve's real-time payment system, namely FedNow, which will start operating in 2023. This system is designed to accelerate interbank fund transfers in the United States. Previously, Hedera had developed relations through the Dropp platform, which allows blockchain-based micro payments. Thus, the integration between Hedera and Ripple is expected to make the transaction system more efficient.

The USD Ripple (RLUSD), as a new stablecoin, is aimed at solving problems in payment systems such as slow transactions and high costs as is the case in traditional payment models.

Take Advantage Of Blockchain Technology

By utilizing blockchain technology, RLUSD promises lower transparency and transaction fees. In addition, integration with HBAR is expected to pave the way for better interoperability between various blockchains.

If successful, this collaboration could be a new standard for digital currency transactions, including stablecoins and even Central Bank Digital Currency (CBDC). With a huge impact on the global financial system, this initiative opens up new possibilities in a faster and more connected world of payments.