IOTA, Ripple blockchain startups mentioned in WTO’s Future of Trade Report
Both IoTA and Ripple made an appearance in the World Trade Organization’s annual report on the future of World Trade. According to the report, blockchain has “the potential to profoundly transform the way we trade, who trades and what is traded”.
WTO mentions four major technologies which will drive the future of Trade, Artificial Intelligence (AI), Internet of Things (IoT), 3D Printing and Blockchain. From the blockchain industry, WTO outlines Ripple as the most disruptive blockchain application.
“Ripple gives banks the ability to convert funds directly into different currencies in a matter of seconds and at little to no cost, without relying on correspondent banks.”, says the Report.
The report also mentions IOTA as a different kind of Distributed ledger designed for machine-to-machine communication.
“IOTA, a cryptocurrency designed for machine-to-machine communication, in which each transaction is linked to two previous transactions as part of the validation process to form a “tangle” rather than a chain.”
Bitcoin and Ethereum too made an appearance on the report, but they were reported a little negatively. Although both of these blockchains were praised for their security, the report also mentioned that the network is susceptible to 51% attack.
Bitcoin was criticized for having slow transactions time, and for it’s high electricity consumption. Ethereum was praised for its Smart Contract feature but was also criticized for its slow speed compared to Visa. The report outlined three major hurdles for blockchain technology Scalability, Interoperability, and finally Legality.
“In spite of these challenges, which are the subject of active work to develop technical solutions, the promise of greater security, efficiency, integrity and traceability offered by Blockchain is leading an increasing number of companies to investigate the potential of the technology as a way to cut costs and improve their current business practices.” concludes the report.
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