IBM launches blockchain based payments, the next disruptor in institutional bank

[BITSSA : BITCOIN EXCHANGE]

IBM announced the launch of blockchain based payments, partnering with Stellar Blockchain, dispensing with the need for banking intermediaries in institutional transactions. Called the Blockchain World Wire payment network, it offers clearance and settlement of transactions in near real time.

The company’s announcement on its website stated that the product involved the use of a digital asset as a bridge between two fiat currencies, facilitating the settlement. In other words, a fiat currency is converted into the digital asset at the originating bank, this is then transmitted to the receiving bank where the digital asset is exchanged as a different fiat currency. The transactions are performed through distributed ledgers and the transaction details can never be tampered, giving it the stamp of blockchain immutability.

Jesse Lund, Head of Blockchain Services at IBM, had, in July this year, stated that Big Blue wanted to enable all transactional networks to use blockchain to conclude transactions through a digital fiat currency. The launch, which brought the product out of beta, has been the result of efforts of the Armonk company, since October 2017, on the Stellar Blockchain network. The product will be unveiled in October this year at the Sibos Banking Conference in Sydney.

Other similar products now have competition from Big Blue, and many other players who have jumped on the blockchain wagon. With blockchain entering the institutional transactional ecosystem, it is expected to not just revolutionize, but to disrupt the cross border payment system.

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[AutisticKid007]

That's an interesting news. The new solution introduced by IBM, known as "IBM blockchain World wire" will use Stellar blockchain for payments. Instantaneous transactions will be made by combination of stellar blockchain with digital assets.

[dothebeats]

Perhaps this could be moved over to Service Discussion?

As for the OP itself, this is a clear manifestation of blockchain's revolution. It could be a great contender against credit cards which, to this day and age, is still very susceptible to spoofing and other tricks for fraud. Employing the blockchain significantly lessens that risk, though the specifics of the said tech from IBM hasn't been conveyed, the idea is unique and can combat fraud from spoofed cards. The question is whether people will support the new tech or just stick sith their cards still.

[learningcrypto5421]

Given that IBM used to be the ruling company in the tech inductry, it has had its fare share of ups and downs. But it sseems like they have finally hit the right track with the moves they are making in the crypto market.

[Sandus_Cryptolover]

IBM announced the launch of blockchain based payments, partnering with Stellar Blockchain, dispensing with the need for banking intermediaries in institutional transactions. Called the Blockchain World Wire payment network, it offers clearance and settlement of transactions in near real time.

The company’s announcement on its website stated that the product involved the use of a digital asset as a bridge between two fiat currencies, facilitating the settlement. In other words, a fiat currency is converted into the digital asset at the originating bank, this is then transmitted to the receiving bank where the digital asset is exchanged as a different fiat currency. The transactions are performed through distributed ledgers and the transaction details can never be tampered, giving it the stamp of blockchain immutability.

Jesse Lund, Head of Blockchain Services at IBM, had, in July this year, stated that Big Blue wanted to enable all transactional networks to use blockchain to conclude transactions through a digital fiat currency. The launch, which brought the product out of beta, has been the result of efforts of the Armonk company, since October 2017, on the Stellar Blockchain network. The product will be unveiled in October this year at the Sibos Banking Conference in Sydney.

Other similar products now have competition from Big Blue, and many other players who have jumped on the blockchain wagon. With blockchain entering the institutional transactional ecosystem, it is expected to not just revolutionize, but to disrupt the cross border payment system.

This is an awesome news coming from one of the giant of IT industry. This is will surely push more IT firms to think tationally and decide to take advantage of the blockchain tehnology.

[Barrycuda007]

Entering blockchain in this field might play a part in creating a revolution in this secrtor. IMB has a good reputation in the industry and we do have high hops from it.

[Satish147]

This is the good move made by IBM but still what people don't understand is centralization. Our entire money is in the control of centralized banks. To make it strong IBM is supporting further.

To escape from this we need to adopt Decentralised currency which is not controlled by anyone. Like Bitcoin and ETH.

[ranman09]

Awesome! I hope this affects bitcoin prices. But I think it will not, maybe a little. Blockchain really has great applications. Now they use the immutable ledger system will it be goodbye to hacks on some bank systems?

[electronicash]

This is the good move made by IBM but still what people don't understand is centralization. Our entire money is in the control of centralized banks. To make it strong IBM is supporting further.

To escape from this we need to adopt Decentralised currency which is not controlled by anyone. Like Bitcoin and ETH.

that is also the problem even today a lot of us despise xrp for being centralized. centralized simply isn't what we look at the future of crypto which means if IBM intends us to make it useful for the people then perhaps this isn't exactly for us but completely new project that will compete paypal in some sense.

[edsnowangel]

this is a great news more and more companies will now adapt to the innovation of the bitcoin promoting to everyone in the world and now soon the world will accept the use of bitcoin.

[coinpedia240]

This is good news indeed. IBM does seem to have a lot to offer to the market and at the same time they do have the resources and the capabilities to do it too.

[Soeracyone]

If the crypto market wants to revolutionize then it will surely need participation of big companies or service providers like IBM. Because this market is so huge that small initiatives cannot bring a great chance

[bitfocus741]

That's a great news for stellar. With the help of the giant company IBM, they will be able to explore in so many ways. Collaborating with them will also make other giant companies come forward and the entire market situation will be in better place for everyone.

[xanaxxx]

IBM announced the launch of blockchain based payments, partnering with Stellar Blockchain, dispensing with the need for banking intermediaries in institutional transactions. Called the Blockchain World Wire payment network, it offers clearance and settlement of transactions in near real time.

The company’s announcement on its website stated that the product involved the use of a digital asset as a bridge between two fiat currencies, facilitating the settlement. In other words, a fiat currency is converted into the digital asset at the originating bank, this is then transmitted to the receiving bank where the digital asset is exchanged as a different fiat currency. The transactions are performed through distributed ledgers and the transaction details can never be tampered, giving it the stamp of blockchain immutability.

Jesse Lund, Head of Blockchain Services at IBM, had, in July this year, stated that Big Blue wanted to enable all transactional networks to use blockchain to conclude transactions through a digital fiat currency. The launch, which brought the product out of beta, has been the result of efforts of the Armonk company, since October 2017, on the Stellar Blockchain network. The product will be unveiled in October this year at the Sibos Banking Conference in Sydney.

Other similar products now have competition from Big Blue, and many other players who have jumped on the blockchain wagon. With blockchain entering the institutional transactional ecosystem, it is expected to not just revolutionize, but to disrupt the cross border payment system.

that is definitely the future of blockchain applications, one of many. Settlements are large part of the transactions worldwide, it's good to have IBM on board, just shows that also large players take blockchain very seriously.

[tekhesaplar]

This year, stated that Big Blue wanted to enable all transactional networks to use blockchain to conclude transactions through a digital fiat currency.
This is great news, almost all recent developments show that crypto money will gain in the near future.

[elygil2022]

IBM has been around for more than a century. This company has the fastest supercomputer in the world. Big Blue knows what the future is and they’ll be there ahead of everybody.

[PureDefender]

That is an incredible news for stellar. With the assistance of the mammoth organization IBM, they will have the capacity to investigate in such a significant number of ways. Teaming up with them will likewise influence other mammoth organizations to approach and the whole market circumstance will be in better place for everybody.

[Ace Amias]

It is a good deal it will provide more involvement of cryptocurrency in the market and it will bring more and more people towards cryptocurrency giving more bright future to cryptocurrency.

[kryptqnick]

a fiat currency is converted into the digital asset at the originating bank, this is then transmitted to the receiving bank where the digital asset is exchanged as a different fiat currency.

I find it amusing. These smarty pants are trying to lower the enormous transactions fees between the banks from different countries, but are not willing to let fiat go at the same time! So, they take fiat A, sell it for a crypto, send this crypto to the holder of fiat B and that holder then sells the crypto for fiat B! How sophisticated is that! And yet so weird and stupid. Why use three currencies and three operations when one can use one? It's a nice transitory stage, but I think that it cannot work as a general resolvement of the fiat-crypto rivalries. Adopting blockchain is a good thing, but IMO it should be adopted fully, not as a mediator between two 'real' things.

[annaso]

This IBM product is still not fully decentralize as both side centralized banks are involved. It's  just payment settlement framework within two banks. They are using blockchain to store transactions. But it's good move considering other benefits like Reduced capital requirements for cross-border transactions,Simultaneous clearing and settlement,Lower clearing costs, it will be running 24 /7 etc. I am looking for first real implementation of this framework.

[edsnowangel]

This IBM product is still not fully decentralize as both side centralized banks are involved. It's  just payment settlement framework within two banks. They are using blockchain to store transactions. But it's good move considering other benefits like Reduced capital requirements for cross-border transactions,Simultaneous clearing and settlement,Lower clearing costs, it will be running 24 /7 etc. I am looking for first real implementation of this framework.

but I think this is a great start for the company to influence other company to adapt the blockchain technology revolution right?