Smart Token Chain, a blockchain specialist in the financial technology sector, has completed its first full Smart Token transaction across the Ripple Network. Smart Tokens have the potential to generate more transparency and trust in digital transactions between counterparties whenever value needs to be exchanged.
Morris Mwanga, Smart Token Chain CTO, noted: “This test confirms the robustness of our blockchain-based solution leveraging our patent-pending Smart Tokens, and deepening trust in our ability to bring speed, accuracy and security to transactions across distributed ledger platforms.”
Using Ripple gives Smart Token Chain universal access to a wide range of partners and customers without having to physically craft a digital relationship with each one. Leveraging the Ripple platform with new Smart Token solutions is accelerating the move toward the launch of a new blockchain and smart contract implementation with potential for making global exchanges of value fast, affordable and secure. It also provides a well-documented audit trail that will make dispute resolutions more efficient and less frequent.
CEO of Smart Token Chain, Tom Meredith remarked: “Connecting to Ripple gives Smart Token Chain the most efficient, lowest cost network to move Smart ID Tokens and other asset or message tokens between counterparties. Our successful test proves low cost, faster, more secure global transactions are no longer a thing of the future. The trend toward a global standard in building and sharing Smart Tokens is accelerating. We have a clear vision as to how Smart Tokens can interoperate disparate blockchains in an increasingly fragmented market.”
New and more highly efficient networks can lower the cost of cross-border payments and provide the ability for financial institutions to offer new products like smart micro-loans and insurance products to billions of underbanked people in emerging economies. Smart Token Chain is leveraging Ripple’s open, neutral platform – Interledger Protocol – to move payments globally across different ledgers and networks.