IBM Unveils Blockchain Payments Platform Powered By Stellar

IBM is working on taking over the blockchain world and it just unveiled its latest offering which is a blockchain payments platform that is powered by Stellar.

The company has just launched the new offering dubbed the IBM Blockchain World Wire which leverages digital assets and the Stellar Blockchain to facilitate instant transfer of money. The newly launched solution targets institutions as the main customers while also taking advantage of the capacity of the Stellar blockchain network. IBM claims that the new platform will handle cross-border remittance almost in real-time and this makes it quite an appealing solution, especially for the banking sector.

The IBM Blockchain World Wire is probably the environmentally friendly crypto project that IBM announced that it was working on In July this year especially since it stated that the project would be based on the Stellar platform. The computing giant describes the new solution as a financial rail and that it can be easily integrated with the currently-running payment system. The company also revealed that the new platform does not have a limit on the size of transactions that it supports. It can also handle any destination and any asset type.

“The solution uses digital assets to settle transactions — serving as an agreed-upon store of value exchanged between parties — as well as integrating payment instruction messages,” IBM pointed out in one of its statements.

IBM also noted that one of the other advantages of the IBM Blockchain World Wire system is that transactions will be significantly cheaper than the traditional remittance system used by banks. The new system will allow financial institutions to transfer money using any digital currency that they choose the selected cryptocurrency will act as a bridge for two fiat currencies.

Financial organizations can connect their existing payment systems to the World Wire API so that their fiat currencies can easily be converted to the selected cryptocurrency that they want to trade with. IBM’s solution then converts the cryptocurrency into the fiat currency that is expected by the receiving party. The Stellar blockchain records all the transactions for clearing and security purposes as part of making sure that the whole process runs smoothly. This will also help the company to achieve regulatory compliance. The new IBM system is the latest offering that promises to improve the banking system through digital currencies.