Analysis of Blockchain-Based Ripple and Swift

Md Rafiqul  Islam; Muhammad Mahbubur  Rashid; Mohammed Ataur Rahman; Muslin Har Sani Bin Mohamad; Abd Halim Bin Embang

doi:10.69955/ajoeee.2022.v2i1.26

Authors

Md Rafiqul Islam International Islamic University Malaysia https://orcid.org/0000-0001-7395-9798
Muhammad Mahbubur Rashid International Islamic University Malaysia
Mohammed Ataur Rahman International Islamic University Malaysia
Muslin Har Sani Bin Mohamad International Islamic University Malaysia https://orcid.org/0000-0002-3489-9937
Abd Halim Bin Embang International Islamic University Malaysia https://orcid.org/0000-0002-6310-9746

DOI:

https://doi.org/10.69955/ajoeee.2022.v2i1.26

Keywords:

Blockchain, SWIFT, Ripple, XRP, Cryptocurrency

Abstract

Blockchain is one of the modern new edge technologies which is capable of transforming the traditional financial system, especially in the financial industry. Cross-border money transfer is one of the big challenges in terms of security, cost, and other regulatory issues. Presently, the most popular international money transfer system is SWIFT in the financial sector. Ripple is one of the upcoming payment networks for cross-border payment systems based on blockchain technology and uses its own cryptocurrency called XRP. This paper highlights the implementation challenges of SWIFT and Ripple networks. It also underlines the features of whether the blockchain-based application can transform the existing traditional payment system and how the new proposed system works. This paper is also explained how the proposed system has some advantages over the traditional system. Still, SWIFT is the market leader in remitting money for cross-border payments. On the other hand, the Ripple network is an emerging technology that may contribute a lot to cross-border payment in the financial industry in the near future.

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