Seagate: Ripple Funding Shows We’re Serious About Blockchain Tech

Dave Morton, SeagateA desire to become an “active participant” in the blockchain technology space is what drove $13bn data storage company Seagate to invest in Ripple Labs, according to its senior vice president Dave Morton.

A leading maker of hard drives for desktop PC and laptops as well as servers and data centers, about half of Seagate‘s current value, according to Forbes, is due to its successful transition to enterprise cloud products.

However, in an interview with CoinDesk Morton revealed the logistics of moving and shipping these products are currently outdated when compared to the company’s more modern product offerings.

He said:

“Our supply chain is very broad. There’s over 286 components that go into each of our drives, we pull over 51 elements out of Mother Earth and obviously we manufacture in a lot of foreign locations where there’s a lot of exchange risk.”

The difficulty of managing this development process is what makes the “Internet of Value” made possible by Ripple Labs appealing, he added.

Founded in 2012, distributed payment network provider Ripple Labs uses the Ripple protocol and its own native digital currency (XRP) as a way to move money

Read more ... source: CoinDesk