Ripple<\/a> as a reference to\u00a0the true potential of Bitcoin\u2019s public ledger system. According to Andolfatto, the Federal System could utilize a distributed ledger system to keep all the books simultaneously in their member banks. So in case of a system breakdown, the records could be recovered from the ledger.<\/p>\n\u201cYou could actually see which bank is sending money to which bank on this ‘Fedcoin blockchain,’\u00a0so if the Fed was to make an emergency loan to one of these entities you\u2019d be able to observe who is the recipient of the loan and how much,\u201d stated Andolfatto by drawing an imaginative scenario to elaborate his point.<\/p>\n
He couldn\u2019t be wrong as Ripple does exactly the same thing which he currently visions for Federal Banking Systems. Ripple software offers its users a home-grown wallet to trade Bitcoins for its private currency XRP, as well as fiats like US Dollar and Euro, in a distributed order book. It overall makes the process of withdrawing and depositing money distributable, as funds could be used to buy\/sell Bitcoins from any of the listed order books, not just one.<\/p>\n
\u201cThis [Andolfatto\u2019s reference] seems to confirm Ripple is a winner in the inter-banking gateway business. Good for Ripple Labs (and XRP price),\u201d said a Ripple enthusiast.<\/p>\n
Andolfatto meanwhile also indicated that Fed economists are not thinking about implementing such a technology for now, citing their prior engagements as the biggest reason. \u201cThe thing to keep in mind is that there\u2019s a lot on the minds of fed economists these days,\u201d he added.<\/p>\n
Do share your views on Fed official\u2019s views in the comment section below.<\/p>\n
Images from Ripple and Wikipedia.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"In his recent interaction with CoinDesk.com, Federal Reserve Bank\u2019s Vice President and Research Director David Andolfatto acknowledged Ripple network for\u00a0utilizing Bitcoin\u2019s original ledger at its best. His statement, which was focused on how Bitcoin technology could bring genuine benefits to US central bank\u2019s real-time settlement system, suddenly found Ripple as a reference to\u00a0the true potential of Bitcoin\u2019s public ledger system. According to Andolfatto, the Federal System could utilize a distributed ledger system to keep all the books simultaneously in their member banks. So in case of a system breakdown, the records could be recovered from the ledger. \u201cYou could actually see which bank is sending money to which bank on this ‘Fedcoin blockchain,’\u00a0so if the Fed was to make an emergency loan to one of these entities you\u2019d be able to observe who is the recipient of the loan and how much,\u201d stated Andolfatto by drawing an imaginative scenario to elaborate his point. He couldn\u2019t be wrong as Ripple does exactly the same thing which he currently visions for Federal Banking Systems. Ripple software offers its users a home-grown wallet to trade Bitcoins for its private currency XRP, as well as fiats like US Dollar and Euro, in a distributed order book. It overall makes the process of withdrawing and depositing money distributable, as funds could be used to buy\/sell Bitcoins from any of the listed order books, not just one. \u201cThis [Andolfatto\u2019s reference] seems to confirm Ripple is a winner in the inter-banking gateway business. Good for Ripple Labs (and XRP price),\u201d said a Ripple enthusiast. Andolfatto meanwhile also indicated that Fed economists are not thinking about implementing such a technology for now, citing their prior engagements as the biggest reason. \u201cThe thing to keep in mind is that there\u2019s a lot on the minds of fed economists these days,\u201d he added. Do share your views on Fed official\u2019s views in the comment section below. Images from Ripple and Wikipedia.<\/p>\n","protected":false},"author":50,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[134,428,619,1558,2012,11,3680,3685,4531],"class_list":["post-10643","post","type-post","status-publish","format-standard","hentry","category-news","tag-altcoin","tag-bitcoin","tag-bitcoin-ledger","tag-cryptocurrency","tag-federal-reserve-bank","tag-news","tag-ripple","tag-ripple-labs","tag-xrp"],"acf":[],"yoast_head":"\n
Federal Reserve Bank VP Acknowledges Ripple<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n