According to the International Federation of Accountants, Ripple Transaction Protocol is being considered to be used for trade finance.
The new development was first reported by a pseudonymous XRP community member identified on Twitter as WrathofKahneman.
According to WrathofKahneman, despite the fact that the trade finance narrative is no longer popular, Ripple is still notably recognized in the highly reputable presentation
WrathofKahneman tweeted, “This presentation from the International Federation of Accountants suggests Ripple is being considered for trade finance uses. The trade finance narrative has dwindled recently and yet they name check Ripple in the presentation this month…”
This presentation from the International Federation of Accountants suggests #Ripple is being considered for trade finance uses. The trade finance narrative has dwindled recently and yet they name check Ripple in the presentation this month..https://t.co/tQ79eYuhua pic.twitter.com/NsfA3klqPd
— WrathofKahneman (@WKahneman) May 23, 2021
The presentation titled “ENABLING PURPOSE DRIVEN ORGANIZATIONS”, regards blockchain as an additional innovative solution that has not been widely adopted in the supply chain sector.
However, the presentation pointed out that Ripple Transaction Protocol is being explored by a number of larger organizations around the world, to improve supply chain management.
The presentation reads in part as follows:
“Exploration of additional innovative solutions not yet widely adopted in supply chain such as blockchain and related tools including Ripple Transaction Protocol, are being explored by a few larger organizations to improve supply chain management through greater automation, transparency and visibility.”
About International Federation of Accountants
The International Federation of Accountants (IFAC) was founded on October 7, 1977, in Munich, Germany, at the 11th World Congress of Accountants.
IFAC was established to strengthen the worldwide accountancy profession in the public interest by developing high-quality international standards in auditing and assurance, public sector accounting, ethics, and education for professional accountants and supporting their adoption and use.
It’s also facilitating collaboration and cooperation among its member bodies; Collaborating and cooperating with other international organizations, and Serving as the international spokesperson for the accountancy profession.