Ripple’s enterprise blockchain network is expanding by the day, and recent developments serve as clear proof of this. In an announcement made on Monday, it transpired that an Oman-based company involved in financial investment management, BankDhofar, is now part of RippleNet. This is a move the bank believes will help boost its cross-border payments through Ripple’s Blockchain technology.
The Early Bird Strategy
The move makes BankDhofar one of the earliest blockchain movers in the Middle East. It was only last year that BankDhofar became part of the Bankchain consortium that involves over 27 banks launched in February 2017 with the aim of exploring blockchain solutions for the banking sector. The Chief Information Officer at BankDhofar, Dr. Tariq Tasha, had kind words to say with regards to the development:
With this, we can provide instant, frictionless and secure cross border money transfers within seconds, with end-to-end visibility over the journey of the payment.
No Specifics Put Down on Paper
However, it should be notable that BankDhofar did not make any specifications in regards to the Ripple products it is looking to use, and neither did it specify if it was open to utilizing the XRP ledger. BankDhofar is in a race to position itself at the top in the Gulf region and this development is part of its strategy to help it achieve its campaign dubbed “Together 2020”. The bank hopes to get on with its transformation plan by integrating innovation and technology as a central part of its efforts to boost the customer experience.
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What do you think about BankDhofar’s move to join hands with Ripple’s enterprise blockchain? How effective will this be for the two entities? Let us know your views in the comments section below.