Developers Propose Cross-Chain Bridge for XRPL Network to Enhance Blockchain Interoperability

Developers Propose Cross-Chain Bridge for XRPL Network to Enhance Blockchain Interoperability
Developers Propose Cross-Chain Bridge for XRPL Network to Enhance Blockchain Interoperability

Software engineers and members of the development lab Ripplex want to create a cross-chain bridge for the XRPL network to bolster cross-chain transfers between different blockchain networks. According to a recent GitHub draft, the proposal outlines how the cross-chain bridge could function and suggests ways to prevent transaction replay.

Ripplex Dev Proposes XRPL Cross-Chain Bridge Technology

According to a recent draft submitted to Github, developers want to create a cross-chain bridge for the XRP Ledger (XRPL). The technology would allow cross-chain transfers and provide blockchain interoperability between XRPL and various networks. “In this proposal, a cross-chain transfer is not a single transaction,” the GitHub draft details. “It occurs on two chains, requires multiple transactions, and involves an additional server type called a ‘witness.’”

If a cross-chain bridge is implemented for XRPL, the blockchain will join numerous networks that leverage this technology, including Ethereum, Avalanche, Solana, Binance Smart Chain, and others. The proposed design by XRPL developers includes a new server type, three new ledger objects, and eight new transactions. The summary also describes a method to “prevent the same assets from being wrapped multiple times (prevent transaction replay).” Mayukha Vadari, a software engineer and Ripplex developer, shared the proposal on social media.

“We just published an official XRPL Standards spec for cross-chain bridges,” Vadari said. “Check it out and let me know if you have any thoughts.”

The cross-chain idea follows the push to create an Ethereum Virtual Machine (EVM) sidechain in October that is compatible with the XRP Ledger and Ripple transaction protocol (RTXP). Currently, XRP, XRPL’s native cryptocurrency, is the sixth-largest digital currency by market capitalization. However, over the last seven days, it has lost 7.7% against the U.S. dollar.

Ripple Labs is also dealing with a legal battle with the U.S. Securities and Exchange Commission (SEC), and some suspect a settlement between the two parties is possible. XRP, a token issued in 2012, has been accused of being unregistered security by the SEC. The U.S. regulator charged Ripple Labs in 2020, accusing the firm and executives of selling unregistered security without permission from the SEC.

What are your thoughts on the potential impact of a cross-chain bridge for the XRPL network and the wider blockchain ecosystem? Share your thoughts in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for cryptoflings.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. cryptoflings.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in this article.

Ground Handling Firm to Use a Blockchain Document Solution at 28 Saudi Airports

Ground Handling Firm to Use a Blockchain Document Solution at 28 Saudi Airports
Blockchain
Blockchain

The Kingdom of Saudi Arabia-based airport ground handling services firm, Saudi Ground Services, has said it plans to implement a blockchain-based document solution that allows it “to issue over 10,000 digital documents annually including licenses.” According to the firm’s Ayman Alghamdi, using this solution allows SGS to not only easily verify documents and licenses but to improve customers’ experience as well.

Overcoming the Document Verification Challenge

The Saudi airports ground handling services firm, Saudi Ground Services (SGS), recently said it plans to implement a blockchain document solution at 28 airports across Saudi Arabia. In a statement jointly issued with IR4LAB, a Saudi-based innovation-driven company, SGS said the solution known as Doc Certs blockchain management solution will allow it “to issue over 10,000 digital documents annually including licenses.”

Commenting on the ground handling services firm’s plans to use a solution that enables it to overcome the global challenge of verifying documents, Ayman Alghamdi, the Vice President of human resources at SGS characterized the announcement of the agreement as a historical moment for the aviation industry.

“We are very pleased to be announcing this groundbreaking solution at LEAP 2023. This is a historical moment and it’s the first initiative of its kind in the aviation industry. SGS delivers services to over 88 million passengers on 690,000 flights a year,” Alghamdi said.

Alghamdi added that the use of the blockchain solution at Saudi airports will allow SGS to not only easily verify documents and licenses but to improve customers’ experience as well.

The Collaboration Between Blockchain Startups and Established Companies

For his part, Majd Jamal Alafifi, the co-founder and CEO at IR4LAB characterized the agreement with SGS as an example of what he called a “fruitful collaboration” between blockchain startups and established local firms “in the adoption of new technologies such as blockchain.”

The CEO said he is hopeful IR4LAB, which is described as Saudi oil giant Aramco’s “first blockchain technology investment in Saudi Arabia,” will secure similar agreements with other local companies.

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author, and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. cryptoflings.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in this article.