Wellgistics Health to integrate XRP into payment infrastructure

Wellgistics Health, a healthcare infrastructure company, will integrate XRP (XRP) and related technologies into its payment network to streamline transactions between pharmacies, medical suppliers and prescription medication manufacturers, the company said in an announcement on May 8.

Wellgistics cited the finality time of XRP transactions and reduced transaction costs, which are fractions of a penny, compared to legacy financial architecture like automated clearinghouse (ACH) payments or wire transfers, as reasons for using XRP. Brian Norton, CEO of Wellgistics Health, said in the announcement:

“I believe that the future winners in healthcare will not be the companies with the biggest buildings, they will be those with the fastest rails, cleanest data, and most efficient platforms. We are betting on infrastructure — not inertia.”

The integration of XRP will reduce cross-border friction and allow transactions between different businesses in the supply chain to settle instantly, in real time, the announcement reads.

Blockchain payment rails and cryptocurrencies can significantly reduce international transaction costs, giving rise to business opportunities that were previously out of reach or too expensive to implement and opening up global trade for residents in developing economies.

Legacy banking system pushes back against crypto innovation

Cryptocurrencies like Bitcoin (BTC) disintermediate banks and financial institutions by providing peer-to-peer transactions over a trustless network of decentralized nodes that are censorship-resistant and give the holder self-sovereignty over their money.

Other cryptocurrencies like stablecoins and altcoins still feature a third-party issuer, but have the benefit of trading on blockchain payment rails, through the internet, without markets closing.