IBM

Ready to Work With Facebook on Blockchain: IBM

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September 24, 2019

Ready to Work With Facebook on Blockchain: IBM

 

The ecosystem of blockchain can be only developed through teamwork. IBM has proposed to work with Facebook on blockchain technology, Jason Kelley, IBM’s blockchain manager.

He mentioned that a company like Facebook, entering in blockchain will validate the authenticity of this technology. But there was no news that IBM will join Facebook’s stablecoin consortium, Libra.

IBM is currently more focused on Stellar, the patent of IBM. IBM is focused to facilitate cross border payment with the launch of World Wire. It is an international payment system that makes use of Stellar.

The main aim of World Wire is to bypass the intermediaries in the banking system that makes the system complex. It will replace the traditional payment system with digital assets.

We know that stablecoins are the most legitimate alternative of the traditional banking system when backed by local fiat currencies.

Six letters of intent were signed to issue stablecoins with the banks which included Brazil’s Banco Bradesco, RCBC Philippines, South Korea’s Bank of Busan based on Stellar’s XLM currency.

More than 72 countries composed of 48 currencies have 46 banking endpoints in World Wire payments. Here people can do the transaction, as stated by IBM.