SBI Ripple Asia Forms Credit Card Industry Consortium in Japan ‎

SBI Ripple Asia has signed a partnership agreement with some of the largest credit card companies in Japan ‎in a bid to bring Ripple’s enterprise Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term solutions to the Japanese market of payment cards.

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The Asian branch of the California-based and New York-regulated firm Ripple Labs announced the creation of the 'Credit Card Industry Consortium', that aims to enable round-the-clock settlement at a significant cost reduction to its members and their consumers.

Given the participating companies’ market dominance, this announcement marks a major milestone for the blockchain industry – one that is expected to spur increased user adoption.

The consortium will initially be composed of three major credit card providers including JCB, Sumitomo Mitsui Card and Credit Saison. This significant industry milestone will materially improve the user experience and make it easier than ever for mainstream consumers and businesses to tap into the Ripple ‎ecosystem.

In order to realize that vision, the new consortium has already developed a new payment app that tapped Ripple’s technology to enable nearly instantaneous funding transactions without compromising user security or control.

SBI Ripple Asia was formed last year and already manages a consortium of more than 60 Japanese banks who leverage Ripple’s blockchain technology for instant Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and settlement. The consortium has grown to currently includie mega-banks such as Sumitomo Mitsui Banking Corporation (SMBC), MUFG and Mizuho.