American technology giant IBM announced the development of a new payment system, Blockchain World Wire, which will be based on the Stellar protocol. It is expected that the product will be presented to participants in the banking industry and other interested parties at the Sibos conference, which will be held in Sydney in late October with the support of the Society for Worldwide Interbank Financial Communications Channels (SWIFT).
IBM intends to provide banks with a method for clearing and settling cross-border transactions within seconds. Thus, the new IBM platform can become a direct competitor to the SWIFT payment system and the xRapid transaction solution from Ripple.
The company created a separate page on its website, which outlined the concept of Blockchain World Wire: “Financial institutions will use existing payment systems that are directly connected to the World Wire API to convert the first fiat currency into a digital asset. Then World Wire converts the digital asset into a second fiat currency, thus completing the transaction. All transaction details are written to the immutable blockchain for clearing. ”
IBM draws the attention of potential customers to the fact that the new system can simplify the process of making payment transactions, reduce costs and increase the efficiency of settlements.
Let’s make things clear now for those who found this information familiar: the announcement was made more than a year ago and yes, you’ve just read the piece of seriously outdated news. Sorry about that, but this bright example shows the real situation with cryptocurrencies when big companies try to join this sphere.
The Blockchain World Wire system could become the game-changer, serious rival for Ripple and, possibly, even for SWIFT itself, who knows? Less than twenty thousand views on Youtube of this video. In a year.
IBM took part in launching stablecoin called Stronghold. Have you heard about it recently? No wonder that Libra failed to appear and TON network is about to be postponed (almost equal to “abandoned”).
Are we even moving somewhere?