Rapid blockchain transactions are no exception. While blockchain has seen as the center-stage globally including companies like Alibaba Group Holding, IBM, Mastercards, it has also been criticized by one of the London based startups, TransferWise.
Blockchain Looks Great on Paper But Not in Reality
The debate on Fortune’s latest episode “Balancing the Ledger” brings Taavet Hinrikus, co-founder and chairman of TransferWise on stage where he highlights;
“We’ve heard this dream many times from different people. However if you start digging into it, you realize that it may look great on paper, but in reality, to make use of it, it’s really hard,”
Moreover, he pointed blockchain technology is not cheaper and faster. He went on to say;
“We’ve looked at different blockchain technologies, but yet we haven’t found anything which enables us to do what we do in a way that is cheaper or faster.”
TrasnferWise is a global money transfer service provider with the support of almost 300 currency routes to provide multi-currency account service. The firm works on transferring money across 70 plus countries and claimed that blockchain technology hasn’t gone mainstream adoption. It states that, besides the existence of blockchain since a decade, Fintech are finding new and more economical ways to transfer funds.
TransferWise Money Transfer and Ripple
Hinrikus shared his opinion of transferring money from Australia to the U.K through TransferWise which has completed within 15 seconds with transfer fee 1%. Furthermore, he said that it would cost more and likely take additional days if the same transactions happened via bank.
Besides, it compares Ripple cross-border payment solution with TransferWise’s present service and claimed that the former has not seen “a better proposition”.
Hinrikus says that;
“If every bank in the world was going through the Ripple network, it would be amazing. Yet how many banks are using Ripple today in production? It’s a very short list. He adds that “In that sense, we’re big supporters of Ripple or anything else…and if any of these gets enough adoption, and it actually materially helps us do things cheaper and faster, we’d love to, but so far we haven’t found one.”
Since the invention of Bitcoin, the bullish and bearish run is a more like a phenomenon but its underlying technology is hitting the use cases of major market players. Blockchain Technology has become the revolution of records but not in the case of TransferWise.
Do you think this contradiction by TransferWise is merely a statement or stand on hypercritical facts? Let’s discuss