One of the biggest computing giants in the space, IBM, has recently announced a blockchain payments platform that would run through Stellar (XLM) and its infrastructure. Known as one of the companies that are dominating the field of blockchain patents, IBM said that this solution has the potential to upend the existing status quo in today’s global payments and remittances.
Named ‘IBM Blockchain World Wire‘, the new solution combines the very best of Stellar’s blockchain with digital assets, making instant money transfers of guaranteed values possible. After backing a dollar-pegged stablecoin issued by Stronghold on the Stellar network in July this year, IBM announced that it was involved in an environmentally-friendly crypto project that was also built on Stellar.
Now, the project is live in the form of a payments platform which describes itself as a “financial rail that can clear and settle cross-border payments in near real-time.” As IBM announced, the World Wire integrates readily with any existing payment system and supports payments of any size, to any destination and in any asset type.
According to the official information from IBM, the patent is described as following:
“With IBM Blockchain World Wire, clearing and settlement with finality happens in near real-time. 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. It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.”
Basically, this payment platform can be used by any financial institution. The first step is to choose a digital asset of their choice, connect to the World Wire API and seamlessly convert their fiat currencies into digital assets. All of the transactions will be recorded on the Stellar blockchain.
As IBM also noted, the benefits of this new solution are mainly focused on faster payment processing, simultaneous clearing and settlement as well as reduced time for resolution and reconciliation – not to mention the lower clearing costs.
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"We let the market drive the expansion and selection of the network incrementally. We are really feeling excited that we are on a roll to build something new and revolutionary that's really going to change the landscape of cross-border payments."The reports also show that the Blockchain World Wire provides support for about 50 currencies currently, for payments in about 72 countries around the world. This method makes possible for taking out the intermediary between legacy bank settlement systems with the help of the XLM token because of its immutability and its efficiency as a decent settlement instrument between institutional players. Lund further emphasized in an interview about IBM’s issuance of the settlement asset:
“Our view for stablecoins is really that they should be more broadly accessible and what World Wire seeks to do is to provide fungibility of digital assets across financial institutions.”
Korean IT Conglomerate Kakao Integrates Crypto Wallet For 44 Million Local Users
“Following the integration of Blockchain Keystore on Samsung, the integration of a crypto wallet by Kakao, which is used by the majority of messaging app users in the nation, is expected to expand blockchain services and usage.”Kakao is estimated to have raised about $90 million for its blockchain network Klatyn development and the integration of the crypto wallet is another way to expand and introduce the network to the public. The executives from the industry said that Kakao Talk will be ‘’used as a crypto wallet’’ and will enable users to run multiple blockchain applications but to also send, receive and store cryptocurrencies. One of the executives said:
“Kakao needs a cryptocurrency wallet for users of Klaytn and the best way to roll out the service is to integrate a crypto wallet into KakaoTalk, which over 80 percent of the population of South Korea use to communicate.’’Issuing a public promotion by Kakao is really important for further mainstream adoption. With Samsung and Kakao issuing their own wallets, Korea is among the top countries that will easily make a DLT disruption. If Kakao moves ahead with its plans to integrate the crypto wallet in a messaging app that nearly 10 million users use it in South Korea alone, the most used device in Samsung Galaxy S10 and the messaging app will have native support for crypto. There still hasn’t been an official confirmation from any representative at KakaoTalk. Currently, the sentiment for launching a crypto wallet by Kakao is positive and local investors show optimism for initiatives of this kind that will hopefully lead the country to be the leader of blockchain and crypto development.
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- Ledger Nano S Wallet Receives First Level Security Certificate From French ANSSI
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- IBM’s Now-Live Blockchain Network Wanted By Six International Banks
- Korean IT Conglomerate Kakao Integrates Crypto Wallet For 44 Million Local Users
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