The ongoing coronavirus pandemic has brought several industries and sectors to their knees, with workers being laid off at an alarming rate. Despite the flood of capital from world governments, it has become painfully clear that we need to come up with new ideas to sustain the economy in the future.
Ripple has recently taken to the internet to find ways in which industries will not be caught off guard the next time a global catastrophe occurs. Speaking about the RippleNet Cloud, Brad Garlinghouse led organizations to point out a myriad of advantages of online data storage.
Ripple claimed that COVID-19 made it painfully clear how cumbersome traditional processes are, with an added focus on streamlining future processes. Rapid time on the market and scale to meet increased consumer demand in real-time require lean infrastructure operations and elastic, cloud-based infrastructure. Though many advances have been made in the field of technology, Ripple was critical of the process of implementation.
According to the San Fransisco based cryptocurrency organization, many firms were hesitant when it came to integrating new technologies. The latest Ripple Insights blog said:
“Cloud technology and security has significantly improved, and there’s no longer a reason for customers’ financial data to live on aging legacy systems that are inflexible and expensive to support. If there’s one thing we can learn from the pandemic, it’s that we need improved solutions. The global economic crisis proves that full-scale cloud solutions are up to the task.”
Although RippleNet Cloud was not the first to hit the market, it has become an increasingly integral part of the COVID-19 era. A RippleNet Cloud customer can go live on RippleNet five weeks faster than the others. Those who are part of the Cloud can also avoid hardware requisition or staffing which inherently boosts transaction speeds.
On-Demand Liquidity or ODL has been the ace up Ripple sleeve with several of its partners taking advantage of the technology. ODL plays an important role when it comes to settlements on the Cloud. RippleNet Cloud customers also have the option of managing their portfolio and connections much more seamlessly using just one Application Program Interface [API]. Streamlining the internal process also gives Ripple the room to make Cloud solutions cheaper than ever before.
The latest release from Ripple wanted to inform customers about the additional benefits that can be obtained from the RippleNet Cloud. Since cloud solutions are easier to deploy, organizations are set to save a significant amount of capital. Only time will tell if companies choose to go down the new path or continue to stick with the beaten path.