Smart Token Chain, a fast-growing blockchain startup, has announced the completion of its first full Smart Token transaction across the Ripple Network.
Morris Mwanga, CTO of Smart Token Chain, said:
“This test confirms the robustness of our blockchain-based solution leveraging our patent-pending Smart Tokens, and deepening trust in our ability to bring speed, accuracy and security to transactions across distributed ledger platforms.”
According to the release, leveraging the Ripple platform with new Smart Token solutions is accelerating the move toward the launch of a truly useful blockchain and smart contract implementation, which has great potential for making global exchanges of value fast, affordable and highly secure. It also provides a well-documented audit trail that will make dispute resolutions more efficient and less frequent.
“Connecting to Ripple gives Smart Token Chain the most efficient, lowest cost network to move Smart ID Tokens and other asset or message tokens between counterparties. Our successful test proves low cost, faster, more secure global transactions are no longer a thing of the future,” said Smart Token Chain CEO Tom Meredith.
Blockchain combined with tokenization and smart contracts improves trust and speeds settlement. New highly efficient networks can lower the cost of cross-border payments and provide the ability for financial institutions to offer new products like smart microloans and insurance products to billions of underbanked people in emerging economies.