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Smart contracts

Smart Token Chain Conducts Trial Run on Ripple Network

Trevor Hill
by Trevor Hill
8 years ago
·
Posted in Altcoin News, Altcoins
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Smart Token Chain (STC), a blockchain project intended to “tokenize” financial information, has successfully executed its first Smart Token transaction across the Ripple Network.

Also read: Altcoin Report: Dash, ShapeShift Users Get Debit Cards

STC to Leverage Ripple to Help Alleviate Counterparty Risk

CTO of Smart Token Chain, Morris Mwanga, believes that the successful trial run of their concept has confirmed the robustness of their blockchain-based solution as a means of bringing speed, accuracy and security to transactions across distributed ledger platforms.

smarttokenchain
Mwanga noted the platform achieves this by leveraging patent-pending “Smart Tokens”, which has deepened trust in the company as a facilitator of these things. Thus, it provides what many blockchains often do: a trustless and relatively distributed system to enable exchange.

Leveraging the Ripple Network is an obvious choice for an organization that is specializing in the fintech arena, as it provides the fledgling project with a whole host of potential customers to use the platform.  

The Smart Token Chain’s use case originates from its ability to tokenize value. This allows financial assets or information to be transacted between counterparties, encrypted and via peers, through the blockchain.

Tom Meredith, STC CEO, elaborated on the use-value of Smart Tokens, saying:

“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.”

Blockchain, combined with tokenization and smart contracts, can improve trust and quicken settlements. It could also have the effect of lowering the cost of cross-border payments and allow financial institutions to offer new products like smart microloans and insurance products to large, untapped markets in emerging economies.

Additionally, Meredith will be attending the International Money Transfer Conference in Miami, FL this week to connect with international distribution partners.

What do you think of the Smart Token Chain and its first transaction across the Ripple Network? Let us know in the comments below.


Source: Finextra


Images courtesy of Smart Token Chain, Ripple

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Trevor Hill

Trevor Hill

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Trevor is a writer at Bitcoinist. He is currently attending his first year at the University of Wisconsin-Fox Valley, with a selected major in Economics. Subscribes to the Austrian school of economics.

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