A recent RAND Corporation policy paper awarded XRP critical recognition as a viable peer-to-peer payment solution.
By way of background, RAND is a nonprofit, global policy think tank with a large global presence. The firm is one of the world’s largest and most influential policy research institutions, handling thousands of projects annually.
RAND recognizes XRP
Recent “Artificial Intelligence and Cryptography in Financial Services” reportacknowledged the growing reputation of XRP as a legitimate payments asset. RAND emphasized that XRP is a pioneer in peer-to-peer payments, offering a cheap and quick way to move funds across borders.
XRP It processes transactions in less than 5 seconds and has an average fee of less than $0.01, making it a leading method for cross-border money transfers. Notably, this mention further confirms the growing global recognition of XRP and Ripple as tools that make payments more convenient.
For context, RAND highlighted these XRP perks in a section of the report focused on the adoption of AI in cryptocurrency payments. The report noted that although crypto payment systems reduce transaction fees, the nature of blockchain technology still lacks the speed and convenience of legal systems.
However, with the implementation of artificial intelligence, payments with cryptocurrencies could outperform traditional payment systems. Due to the load balancing effect, digital assets can find a wider range of use cases, even when processing a large number of transactions.
Specifically, RAND noted that integrating AI into XRP’s payment capabilities will further reduce friction and lower transaction fees.
However, the research firm mistakenly linked XRP directly. ripplea story that enthusiasts have long been asking for a fix. Ripple and XRP are two different entities and the former does not own the latter. The relationship between the two stems from the payment giant’s adoption of the XRP Ledger’s native token in its operations.
Interestingly, other reports also acknowledge that XRP and Ripple are alternatives to traditional cross-border payments. The Institute of International Finance (IIF), the American Institute of Physics, and the prominent asset management firm Grayscale all recognize XRP as a legitimate means of global money transfer.
Cryptocurrency has surpassed Bitcoin
On the other hand, the Randland report also sought to make clear that the crypto space is growing beyond its limits. Bitcoin. The study highlighted several others, including stablecoins, tokenized assets, utility tokens, and NFTs.
Bitcoin was the world’s first digital asset and the most prominent. However, others, such as XRP, are also playing an important role in broader industry adoption.
For context, BTC has a reputation as a store of value. Although it offers other features, the general feeling is that the best approach is to buy and hold. However, this limits the size of the industry, especially given its ability to solve other real-world problems.
The XRP ecosystem understands this, which is why it focuses on facilitating cross-border payments. This will enable banks and institutions to take advantage of the technology for their daily workpromote recruitment.
XRP also has a use case in the tokenization of real-world assets, and a new narrative that has the potential to drive the next crypto bull cycle.
