Money is not interoperable, globally. It takes days to move value from network to network and costs the world over $2 trillion a year to move that value, and blocks access to millions of people around the world. This problem creates friction for banks, corporations, and individuals every day.
This is feeding into Ripple co-founder Chris Larsen’s vision of the Internet of Value.
In his speech at Stanford Graduate School of Business, he talks about the importance of bringing together regulators, banks, innovators and consumer groups for the greatest possible impact.
While the systems that move goods and data around the world have gotten faster and more efficient, the systems that move value have been stuck in place. The Internet of Value is a vision of how global business could work if value could move at the speed of the internet.
Larsen says, “Just as you can’t have fire without fuel, oxygen, and heat, you can’t have effective globalization without interoperability in goods, data and money. They all have to work together.”
Watch Chris Larsen here.