B2B Payments

Ripple’s Network Used For Token Transfer

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Smart Token Chain (STC), a company that explores the use of blockchain for smart contracts, tokenization and other transactions, has announced the completion of a Smart Token transaction over the blockchain.

Using the Ripple Network, Smart Token Chain said it has successfully completed a Smart Token transaction. Smart Tokens, the company explained in its release, offer security for currency exchanges that support the transfer of smart contracts and funds via distributed ledger. According to STC, the technology also supports a more robust document trail for transactions.

“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,” Smart Token Chain CTO Morris Mwanga said in a statement.

The company added that using Ripple’s network enables Smart Token Chain to take advantage of an array of customers and partners to facilitate these transactions.

“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,” explained the firm’s CEO, Tom Meredith, in another statement. “Our successful test proves low cost, faster, more secure global transactions are no longer a thing of the future.”

Tokenization and smart contracts are two key areas for blockchain disruptors today. Proponents of the technology say the secure nature of the blockchain can be particularly useful for B2B transactions and cross-border corporate trade.

“The trend toward a global standard in building and sharing Smart Tokens is accelerating,” Meredith continued. “We have a clear vision as to how Smart Tokens can operate disparate blockchains in an increasingly fragmented market.”

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