The Internet of Value
In a new W3C blog post, Ripple Labs software developer Evan Schwartz outlined the need to standardize the digital transfer of money in order to achieve the vision of the Internet of Value.
Ripple Labs joined the W3C Web Payment Interest Group earlier this year as part of our ongoing mission to enable the world to move money as easily as information moves on the web today.
“The W3C Web Payment Interest Group has a lot of potential for laying the groundwork necessary for building the Internet of Value,” Evan said. “I think the first major step toward achieving that requires more fundamental interoperability between payment networks.”
As Evan explains in the blog post:
Web standards for financial transactions between networks and institutions can make money move with the same ease and speed information moves today. There are some interbank messaging standards that exist today, such as ISO 20022, but there are no standards or “Web rails” that are simple, open, and expressive enough to link banks, card networks, PayPal, Alipay, airline miles, cryptocurrencies, etc. The Web can enable seamless payments between all of these. Governments and companies around the world are already realizing the power that open APIs and Web protocols have to make financial systems more dynamic and efficient. Standards are the key to linking our disconnected systems.
Creating these standards requires a collective effort. To get involved, join us in the W3C’s Web Payments Interest Group. For more information email firstname.lastname@example.org with the subject tag [value web] or reach out to email@example.com.