In the future, Ripple may be the first cryptocurrency to be backed by a credit card, according to a new research paper published by researchers at the University of Toronto.
In the paper, the researchers examined how blockchain technologies, which allow people to create a virtual “digital identity” and transfer funds to one another using digital tokens, are likely to change the way people trade, invest, and spend in the next several decades.
The researchers say that by 2030, blockchain technologies will be capable of establishing trust with people across borders.
The paper, titled “Blockchain and the Digital Economy: Towards the Crossroads of Supply and Demand”, is published in the journal Cyberpunk.
The researchers also say that the blockchain technology is likely to make it easier for businesses to get into the virtual world, in the same way that virtual reality will make it possible for businesses that want to be in the real world to enter.
The paper points to three types of transactions that are likely in the coming years to happen with blockchain:Digital identities, which can be used to trace the owner of a digital token to a specific location and to transfer money from one person to another, are a common use case.
The technology can also be used for cross-border payments, as is the case with the digital currency Ripple.
Ripple is the world’s first digital currency.
The research paper points out that while there are a few limitations with Ripple’s use of blockchain, it’s the technology that makes it possible to build a blockchain that can handle the massive volume of cross-currency transactions that we see today.
“The potential for this technology is vast, and there’s already a lot of interest in the technology,” said the researchers, who used the Bitcoin blockchain as their model.
“This technology allows users to transfer from one digital identity to another without having to trust any third party.
Ripple’s network is based on Bitcoin, so users can transfer from any wallet to any other wallet without any need to trust third parties.”
As well as the potential for the technology to create trustless, transparent digital identities, the research paper also outlines several benefits of using blockchain technologies in the world of trade.
“A number of companies, including Amazon and PayPal, are already using blockchain technology to support trade between their customers and their customers’ customers,” said a spokesperson for the University.
“These companies have been using it to create secure and transparent trade agreements, and have also been using blockchain to create payment systems that are transparent to the wider world.”
The researchers said that while Ripple is the first digital asset to be traded in the virtual worlds, the technology is unlikely to be the last.
“We see the blockchain and the digital economy coming together in the near future, and we expect the technology will be able to enable many of the same benefits as the digital asset itself, such as payments between two parties,” said study co-author Michael Zuker, a PhD candidate in the University’s Department of Computer Science and Engineering.
“The more people understand and use the blockchain, the easier it will be for people to move money from and to the real-world world.”
A new wave of cryptocurrency and digital identity technology is set to change how people interact with one another in the years ahead.