IBM for example has not only built a blockchain for major global banks such as Deutsche Bank and HSBC; it also developed a blockchain-based solution for the food ecosystem that allows producers to trace food contamination in a matter of seconds.

Accounting giant EY also unveiled its own distributed ledger solution for the shipping insurance industry last month.

But Ripple’s Garlinghouse said that some blockchain concepts — which he didn’t name — would be better served for something as simple as a database.

“Some of the uses being implemented for blockchain could actually work better with a database,” he said.

“There are examples out there that blockchain is not most applicable for and that is why Ripple is focused on a real world use case, solving a real (and very large) customer problem, which has converted into commercial traction that is unmatched in the enterprise blockchain space.”

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