Ernst & Young Note: Ripple could lead to increased competition for traditional companies

According to U.Today, Ernst & Young has submitted a report on blockchain technology to the Competition Commission of India (ICC). The report identifies blockchain as a technology that is expected to bring positive results in many areas. , medical, etc., insurance, government, HR, etc. Payment on blockchain platforms is faster, cheaper and does not require any pre-injection. Banks have to compete with solutions like Ripple, which can lead to competition from venture capitalists as Ripple becomes faster, cheaper, and transparent.