Browse Definitions :
Definition

Ripple

Ripple is a payment protocol, cryptocurrency creator and high-tech payment firm that uses blockchain technology to help banks conduct fast global financial settlements. It works off of their digital currency XRP tokens (ripples), which trades publically on their own currency exchange.

In using blockchain technology, Ripple offers partners security, reliability and verifiability by using their software and enterprise network to enable instant, traceable transfers of funds between one country and another. It uses an open-source protocol that allows partners to incorporate the software into their own systems and offer the service to their customers.

Like Bitcoin, Ripple used blockchain, a form of distributed ledger for transactions. Payments made through a blockchain are recorded on computers across the associated network. The technology is also used to enable digital contracts, financial trades and identity verification. Unlike Bitcoin, which is a currency owned by anyone who wants to buy it on the exchange, Ripple and XRP tokens are backed by RippleLabs, a global money transaction business. Because of this, Ripple is more centralized than Bitcoin and other digital currencies as it is essentially backed by traditional currencies as if it is like dollars, pounds or yen in another form.

Ripple is used by several financial institutions like American Express, Santander, UniCredit  and UBS. It has become increasingly popular with banks and other payment networks as a secure settlement infrastructure technology. The system makes it simple to check the status of a payment and the record of the cost of a transaction. The technology that Ripple created also allows the transfer of one fiat currency to another without switching to an intermediate cryptocurrency.

This was last updated in January 2018

Continue Reading About Ripple

SearchCompliance

  • information governance

    Information governance is a holistic approach to managing corporate information by implementing processes, roles, controls and ...

  • enterprise document management (EDM)

    Enterprise document management (EDM) is a strategy for overseeing an organization's paper and electronic documents so they can be...

  • risk assessment

    Risk assessment is the identification of hazards that could negatively impact an organization's ability to conduct business.

SearchSecurity

  • PKI (public key infrastructure)

    PKI (public key infrastructure) is the underlying framework that enables entities -- users and servers -- to securely exchange ...

  • obfuscation

    Obfuscation means to make something difficult to understand.

  • dumpster diving

    Dumpster diving is looking for treasure in someone else's trash.

SearchHealthIT

SearchDisasterRecovery

  • risk mitigation

    Risk mitigation is a strategy to prepare for and lessen the effects of threats faced by a business.

  • call tree

    A call tree is a layered hierarchical communication model that is used to notify specific individuals of an event and coordinate ...

  • Disaster Recovery as a Service (DRaaS)

    Disaster recovery as a service (DRaaS) is the replication and hosting of physical or virtual servers by a third party to provide ...

SearchStorage

  • cloud storage

    Cloud storage is a service model in which data is transmitted and stored on remote storage systems, where it is maintained, ...

  • cloud testing

    Cloud testing is the process of using the cloud computing resources of a third-party service provider to test software ...

  • storage virtualization

    Storage virtualization is the pooling of physical storage from multiple storage devices into what appears to be a single storage ...

Close