Computing giant IBM has launched a new blockchain-based financial solution ‘IBM Blockchain World Wire’. The platform has the potential to dominate the current global payments and remittances, says IBM.
The new solution is a blend of Stellar blockchain along with digital assets, for making instant money transfers possible. The stellar-based platform describes itself as “financial rail that can simultaneously clear and settle cross-border payments in near real-time.”
As per IBM, World-Wire will support all the existing payment systems of any size that too within a secure environment, to any destination and in any asset type.
“With IBM Blockchain World Wire, clearing and settlement with finality happen 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,” says IBM.