Representing Ripple at At Global Islamic Economic Summit 2018 in Dubai, Dilip Rao, Ripple’s Global Head of Infrastructure Innovation introduced Ripple and its technology to the summit. While introducing Ripple he said that Ripple is a pioneer in Distributed Ledger Technology with 290+ employees and offices in many places. He revealed that Ripple is going to set up an office in Dubai, before the end of this year.
.@diliprao Global Head of Infrastructure Innovation at @ripple talks about how DLT is aligned with Islamic Finance and how Islamic economy can take the lead in using this technology #GIES2018 pic.twitter.com/VOkclajXeq
— Dubai Chamber (@dubaichamber) October 30, 2018
Mr Rao spoke on the focus of Ripple to create an internet of value to move value around the world as we move information today and to remove friction from global payments. He urges that there is a huge requirement of cross-border transactions to support the economy and business around the globe. He confirmed that Ripple has signed up close to 200 institutions around the world and many are from the Middle East itself.
Speaking on the present scenario of cross-border payments he said that people are hurting by the high transaction fees when someone is sending a small amount of money and how Blockchain or DLT and Interledger Protocol is a solution for all such problems.
Dilip Rao spoke on building smart contracts to support application and XRP ledger. He mentioned” XRP as the fastest in the planet with 1500 TPS”. He also describes how XRP can be used as bridging asset and all these technologies align with the Islamic Sharia principles.
The Global Islamic Economy Summit (GIES) is the world’s largest and most comprehensive forum dedicated to the Islamic economy. Organised by the Dubai Chamber of Commerce and Industry and Dubai Islamic Economy Development Centre (DIEDC), and strategically supported by Thomson Reuters, GIES 2018 took place at Madinat Jumeirah, Dubai, UAE, from 30 to 31 October.