Smart Token Chain, a fast-growing Blockchain specialist in the financial technology (FinTech) sector, has completed its first full Smart Token transaction across the Ripple Network.
“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,” notes STC CTO Morris Mwanga.
Smart Tokens have huge potential in creating more transparency and trust in digital transactions between counterparties whenever value (currency) needs to be exchanged. Using Ripple gives STC 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 truly useful Blockchain and smart contract implementation, which has great potential for making global exchanges of value fast, affordable and highly secure. It also provides a well-documented audit trail that will make dispute resolutions more efficient and less frequent.
Distributed ledger technology allows any connected counterparty to efficiently transact with one another and settle cross-border payments in real time.
“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,” said Smart Token Chain CEO Tom Meredith.
Blockchain combined with tokenization (encryption) and smart contracts improves trust and speeds settlement. New highly efficient networks can lower the cost of cross-border payments and provide the ability for financial institutions to offer new products like smart microloans and insurance products to billions of underbanked people in emerging economies.
“The trend toward a global standard in building and sharing Smart Tokens is accelerating,” adds Mr. Meredith. “We have a clear vision as to how Smart Tokens can interoperate disparate Blockchains in an increasingly fragmented market.”
STC is leveraging Ripple’s open, neutral platform (called “Interledger Protocol” or ILP) to move payments globally across different ledgers and networks.
STC CEO Tom Meredith will be attending the International Money Transfer Conference in Miami, FL this week to connect with international distribution partners. Potential partners interested in meeting with Mr. Meredith to explore Smart Token solutions for identity and/or transactional use cases, may contact him directly at tom @ smarttokenchain.com.
Smart Token Chain is an investor-backed startup with offices in Atlanta, GA, the payment processing capital of the world. Smart Token Chain (“STC”) has developed technology that combines the most disruptive tools in Financial Services Technology (“FinTech”) to date: smart contracts, Blockchain, and tokenization. Customizable STCs solve for real-time P2P, B2C, B2B, and institutional money movement issues. In addition to increasing global payments efficiency and counterparty identity certainty, the core capabilities for STC powered platforms unify disparate systems used in legacy financial services applications.
STC launched an international remittance platform, operated by its subsidiary P2P Cash, to demonstrate value in the cross-border payments industry. By proving enhanced capabilities for international person-to-person payments, STC uses P2P Cash to validate its unique ability to enhance global financial services. Complex payments, identity management and verification, and other transaction capabilities become simpler, easier to manage and track, and execute at a lower cost.