according to the portal materials - By BH NEWS
SWIFT has begun innovative blockchain-based trials, focusing on the integration of cryptocurrencies XRP and HBAR into its global payment network. With an annual transaction volume processed through SWIFT of over $150 trillion, transferring even a small fraction of this to blockchain can significantly increase the demand for altcoins. XRP is known for its fast settlement and liquidity management capabilities, while HBAR stands out for its scalable platform and efficient governance.
XRP from Ripple and HBAR from Hedera have been highlighted as potential solutions for cross-border payments and asset transfers during SWIFT's blockchain trials. Their unmatched speed, accessibility, and scalability make them ideal for this task. The current trials aim to harmonize traditional banking systems for payment messaging with blockchain infrastructure, and both altcoins demonstrate technological readiness to meet this demand. What distinguishes XRP and HBAR from a technological perspective?
XRP has a consensus time of 3 to 5 seconds. Utilizing the Ripple Protocol consensus algorithm, it processes about 1500 transactions per second. Network governance is conducted through a unique list of validators and Ripple partners, consuming only 0.0079 kWh per transaction. Cross-border financial transactions are predominantly conducted using XRP, with leading banks and payment systems such as Santander and SBI providing strong support.
HBAR, in turn, uses an innovative Hashgraph mechanism. With a consensus time of about 3 seconds, it processes more than 10,000 transactions per second and offers sharding for enhanced scalability. Governed by a Board of Directors that includes major players like Google and IBM, it consumes minimal energy — 0.000003 kWh per transaction, making it carbon-negative. Key use cases include tokenization and corporate projects, with giants like Google and Boeing actively exploring its potential.
The potential implications of these experiments are significant, and the following conclusions are becoming clearer:
Annual SWIFT transactions totaling $150 trillion could redefine market landscapes through the implementation of blockchain.
The fast settlements of XRP combined with liquidity attract the banking sector.
HBAR's focus on tokenization and corporate applications aligns with its corporate governance model.
Energy efficiency remains a key advantage of both altcoins.
This combination of speed, manageability, and energy efficiency in both XRP and HBAR illustrates promising prospects for the future of cross-border transactions and the management of tokenized assets as SWIFT explores the full potential of blockchain solutions.
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