10 June, 2019
Here at Veritoken we celebrate the people in blockchain who are moving the technology forward and steering the conversation about its future.
Monica Long is one of those people. The Senior Vice President of Marketing at Ripple, she’s a driving force in the blockchain space educating the general public about its revolutionary potential.
“I believe that blockchain technology is now laying the early foundation for the next generation of the Internet,” said Long in a recent Forbes article spotlighting women in blockchain (which also featured our CEO, Anne Ahola Ward.)
Specifically, she explains that blockchain and crypto are poised to change the way money moves around the globe. Currently, it doesn’t move fluidly – cross-border payments are a slow and cumbersome jumble of transfer fees, exchange rates, and bureaucracy.
But imagine a world where money flows as quickly and easily as information moves on the internet today.
Monica saw fireworks when her ex-boss Chris Larson explained how Ripple could make instant global payments possible – bringing huge populations into the international market who hadn’t been able to participate before.
By working with the banks instead of avoiding them (like many crypto companies do), Ripple could have a global impact by helping them to adopt the blockchain technology that makes these instant payments possible.
This will not only disrupt traditional banking as we know it but transform the lives of millions of people – especially the low income and unbanked populations who have an unmet need to transfer cash quickly and easily.
Let’s consider an example:
The Arabian Gulf states have large migrant populations – immigrants working on temporary visas who send money back home to support their families. Not able to use traditional banks, they send slow and expensive cross-border cash transfers.
Blockchain-enabled global payments provide a cheap and easy alternative. They’re 388 times faster and 127 times less expensive (on average) than traditional cash transfers, cutting the typical five-day wait to a few minutes.
With global remittances market expected to reach $715 billion in 2019, there’s a huge opportunity for banks to tap into new underserved markets and make billions in doing so.
And Ripple will have met its goal as well – to democratize people’s financial access on a global scale.
Monica looks forward to this tipping point, when institutions are readily adopting blockchain and the technology is fueling real-world transactions and improving lives in a meaningful way.
So is blockchain the next internet? Very possibly so. It’s still an emerging technology, and like the internet, it’s very hard to predict at the start what applications it may have down the road.
But with companies like Ripple on an exciting trajectory, the future is bright. We look forward to being a part of the coming blockchain revolution.