Present Benefits and Challenges over Ripple Business

Questions: 1. What is the importance of the ripple payment protocol? 2. What is the process of implementation of ripple in different businesses? 3. What are the advantages of the ripple business? Answers: Background of the study Ripple is essentially a payment procedure as well as a digital currency that has transformed entirely separately of Bitcoin. However, the ripple business has the second highest market capitalization after the Bitcoin. As rightly put forward by Toma (2012), the ripple is essentially a decentralized payment procedure and a real time gross settlement system (RTGS) with a currency exchange system as well as remittance network provided by Ripple. This particular system is also known as the Ripple transaction Protocol or else Ripple Protocol designed on the foundation of open Internet protocol along with consensus ledger as well as native currency (Toma 2012).. Introduced in the year 2012, this system of Ripple helps in the establishment of a secure, instantaneous and at the same time free worldwide financial transaction with no system of charge backs. The Ripple payment protocol procedure upholds tokens that represent the flat currency, commodity as well as crypto currency or else any oth er recurrent flier (Balcilar et al. 2012). At present, the Ripple payment protocol is put into practice by corporations like Fidor bank as well as many other banking institutions and payment networks as a procedure of settlement infrastructure technology. Research Aim The aim of the present research is To analyze the present usage patterns as well as trade dynamics used in Ripple by way of evaluation of the available information that can be extracted from the global ledger of Ripple To investigate the different provisions of the Ripple payment protocol that can shed light on the current process of deployment of this particular Ripple system Research Questions What is the importance of the ripple payment protocol? What is the process of implementation of ripple in different businesses? What are the advantages of the ripple business? History The early development of this system can be dated back to the year 2004 at the time when the Ripple pay.com was first introduced by Ryan Fugger as a local exchange that was used as a trading system in Vancouver. This system was created with the intention of setting up a decentralized monetary system that individuals could use for generation of their own money (Zarifis et al. 2014). However, this idea later transformed into the system of transaction or a currency system where all the transactions could well be substantiated by way of consensus among different members of this particular network (Liberatore et al. 2012). This later emerged as a digital currency idea that developed into an advanced protocol system that can enable the instant as well as the direct transfer of money among different individuals. The Ripple Lab has now involved in several developmental projects with primary focus on the banking sector, IT sectors and others. This includes the project where iOS client applica tion for permitting the iPhone users to carry on transactions in any currency through their phone. Significance of the study The current study helps in gaining a comprehensive understanding of the Ripple system and analyzing the overall consensus protocol of Ripple. The present section also helps in an overview of the six types of Ripple transactions, consensus protocol. This present study therefore helps in gaining an overview of the deployment of the entire ripple payment system in business that leverages the consensus protocol. In addition to this, the present segment of the study also assists in acquiring vivid idea regarding the design features that includes the gateways, trust lines as well as rippling, creditworthiness, consensus ledger and ledger security. The ripple business is built up based on various shared data along with public data that makes that enables the process of payment, transmittal and facilitate the process of exchange. Therefore, the current study helps in delving deep into the significant features of the ripple business after carrying out a detailed analysis of the systems viabil ity, security as well as price. Literature Review The literature review section intends to analyze the viability of the ripple business by reviewing and assessing the empirical studies as regards the process of the ripple payment protocol. Furthermore, the present segment also attempts to shed light on different interventions hat elucidates the effectiveness of the ripple business for raising the overall scale of the different business concerns. Ripple Protocol: As rightly put forward by Armknecht et al. (2015), ripple is essentially a decentralized payment structure founded on credit networks. In particular, the Ripple code is primarily an open source and is accessible by the public. Therefore this implies that everyone can install a Ripple for the case in point. However, there are different nodes that can assume three diverse roles in Ripples. These roles include that of the users who are essentially involved in both making as well as receiving payments. In addition to this, there is an important role of the market makers that play the part of the trade enablers in the overall transaction system. Furthermore, there are validating servers that are responsible for executing the process of Ripples consensus protocol in a bid to examine as well as substantiate different transactions occurring in the entire Ripple business. Kim (2016) opine that the Ripple users are known by means of different pseudonyms. In particular, the users are outfitted with a public or else a private key two of a kind at the time when a user intends to make transactions with yet another user. For that purpose, there is a process of carrying out the cryptographical signs that enables the transmission of money that is denominated in own currency of Ripple, XRP or else by means of any other currency (Kim 2016). In case of payments carried out on non XRP currencies, Ripple does not participate in the process of enforcement of payments and only maintains the records the different amounts that a particular entity owes to another (Ripple. 2016). Ripple Transaction: Ripple currently upholds six different categories of transactions that include making payments. Payment is the for the most part a common nature of transactions that permits the transmission of funds from one entity to another (Dwyer 2015). Next, the Ripple business also helps in Account Set that refers to a certain sort of transaction that permits a particular entity to set different options that is pertinent for the account of the specific entity. This Ripple business also aids in Setting Regular Key that too refers to a particular kind of transaction that essentially enables an entity to modify and set the key utilized by a particular unit to sign upcoming transactions (Dwyer 2015). Apart from this, the Ripple business also has enables the transaction of Offer Creation that helps in expressing the intent to exchange different currencies. The present payment protocol also supports the transaction of Offer Cancel that assists in removing the relevant offer from t he particular ledger (Luo 2012). Finally, the Ripple Business also aids in Trust Set that refers to a transaction that primarily generates as well as modifies a trust link involving two different accounts. Research Methodology Research Design: As rightly put forward by Pickard (2012), the research methodology provides a well designed structure as well as approach that can assist the researcher to successfully accomplish the present study. However, design of the research is essentially a blue print of the research process that incorporates different plans and procedures of carrying out the entire research work with proper articulation of the process of data collection as well as data interpretation (Krippendorff 2012). In particular, there are three different types of research design, namely, explanatory, descriptive as well as exploratory. The researcher intends to adopt the explanatory design that supports the purpose of understanding the causes as well as effects of particular research questions and helps in achieving the research purpose by utilizing the knowledge as well as experience on the ripple business. Data Collection and Data Interpretation As correctly put forward by Miller et al. (2012), there are essentially two different types of techniques for collection of data, namely, the primary data collection and the secondary data collection. Primary data collection technique is primarily a first-hand data collection system that helps in acquiring data through different surveys as well as questionnaires. On the other hand, the secondary data collection technique refers to process of collection of data by extracting pertinent information from websites, journals, books, academic papers as well as blogs among many others (Miller et al. 2012). Therefore, the researcher will make use of both primary as well as secondary techniques of data collection for acquiring the requisite data for the present research. The intention as well as purpose of the present study is to undertake a quantitative analysis by means of relevant data acquired on ripple business (Krippendorff 2012). This will thereby enable a comparative analysis of the pr esent benefits as well as limitations of the ripple business. Research Description This present segment of the study intends to shed light on different stratagems of the ripple business strategy that is applicable in the business domain. Furthermore, the researcher also attempts to explore the overall procedure of implementation of the ripple payment system in businesses and elucidate the current benefit as well as limitations of the ripple payment protocol in business. Sample Size and data evaluation technique The research concentrates on the process of storing the data anchored on different categories and are illustrated succinctly. In addition to this, the researcher also attempts to explain the entire session of definite baseline to categorically illustrate the stratagem of ripple business under consideration. For that reason, this present study carries out a forty-five minutes session that illustrates different strategies of ripple business and explains the advantages as well as limitations of the ripple business and makes use of the baseline of the protocol. This also helps out in making comparisons and creates a document for a mean value that can be properly registered for carrying out an elaborate data interpretation using mathematical and statistical tools (Pickard 2012). Particularly, the mean value can be calculated based on the data acquired on different corporations that are currently implementing the Ripple payment protocol in order to recognize the changes of all the particip ating corporations. Relevant Materials of the present study The relevant materials of the ripple payment protocol in different business can be designed as well as developed by different developers. This particular system of ripple payment protocol is primarily utilized by different private business concerns, banking institutions, social media as well as IT segments. This is primarily a significant concept of the e-commerce and for that reason the materials refer to any products or else services. Schedule: Gantt chart Activities/ Time for completion of the activties Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Development of the concept Undertaking the process of reviewing the literature Discussion with the supervisor for approval Select as well as recruit research partakers for primary data collection Recording the secondary data Conducting the surveys Interpreting the data Conclusion In conclusion it can be said that the ripple payment protocol exerts immense influence on the overall operations of different business domain. Therefore this particular e-commerce ripple payment protocol study is effective for gaining a deep understanding its importance in todays business world. The present study also helps in understanding the significance of the security policy that can shield the entire payment procedure from unlawful intruders that includes both hacker as well rival corporations. For that purpose the data needs to be appropriately collected to arrive at outcomes that can help in understanding the current challenges as well as advantages of the Ripple System in businesses. References Armknecht, F., Karame, G.O., Mandal, A., Youssef, F. and Zenner, E., (2015). Ripple: Overview and Outlook. InTrust and Trustworthy Computing(pp. 163-180). Springer International Publishing. Balcilar, M., Beyene, A., Gupta, R. and Seleteng, M., (2012). Rippleeffects in South African house prices.Urban Studies, p.0042098012458551. Dwyer, G.P., (2015). The economics of Bitcoin and similar private digital currencies.Journal of Financial Stability,17, pp.81-91. Kim, T.H., (2016). A study of digital currency cryptography for business marketing and finance security. Krippendorff, K., (2012).Content analysis: An introduction to its methodology. Sage. Liberatore, F., Scaparra, M.P. and Daskin, M.S., (2012). Hedging against disruptions with ripple effects in location analysis.Omega,40(1), pp.21-30. Luo, J. (2012).Soft computing in information communication technology. Berlin: Springer. Miller, T., Birch, M., Mauthner, M. and Jessop, J. eds., (2012).Ethics in qualitative research. Sage. Pickard, A., (2012).Research methods in information. Facet publishing.