In explaining the blockchain solutions for the banking sector, Chairman of the Board of Directors of BankDhofar, in the consortium called Bankchain and founded with the participation of 27 banks in February 2017, stated that “With this new step, we can provide safe cross-border money transfers in seconds and without any trouble.
Joining the RippleNet blockchain network for BankDhofer, which aims to be an important player in “Together 2020” in the Gulf Region, is an important move at this point.
With this new step, BankDhofer has not yet announced which Ripple products will be used for this purpose, aiming to produce innovative products and to provide customers with the best customer experience. This initiative is part of BankDhofer’s constant transformation plan, which emphasizes digital technology and innovation that is the foundation of the strategy to improve the customer experience.
The Ripple protocol is now being used by companies such as UBS, Santander Charted and increasingly in the financial services industry. Ripple has advantages such as a more secure distributed authentication process, as well as control not subject to price vets.