IBM today unveiled Blockchain World Wire, a real-time global payments network based on distributed ledger technology (DLT) for regulated financial firms.

The blockchain-based network will offer a new way for near real-time  cross-border payment exchange and international settlement. (The settlements can be done in five to 10 seconds.) The network is currently able to transfer funds to more than 50 countries using 47 digital coins backed by fiat currencies.

IBM claims its World Wire is the first blockchain network of its kind to integrate payment messaging and clearing and settlement on a single unified network while allowing participants to dynamically choose from a variety of digital assets for settlement.

The first live transaction on the network took place March 8, according to Stanley Yong, CTO of IBM Blockchain for Finance.

In 2017, IBM partnered with KlickEx Group, a United Nations-funded, Pacific-region financial services company, to launch its first Stellar-based blockchain financial network. That network was initially able to transfer electronic funds in 12 currencies across Pacific Islands as well as Australia, New Zealand and the U.K.

IBM Blockchain World Wire is basically the same project, an IBM spokesperson acknowledged. “As we evaluated our approach to building out the technology, we realized we wanted to focus on other types of [money transfer organizations] and decided not to move forward with KlickEx,” the spokesperson said.

Initially, the primary electronic currency used on the blockchain ledger will be stable coin, which is backed one-for-one by U.S. dollars and other national currencies. But network participants will also have the option of using cryptocurrency similar to bitcoin.

“Clearing and settlement would be near-real time, so businesses would be able to access funds paid through the system immediately,” James Wester, research director for IDC’s Worldwide Blockchain Strategies, said via email.

(Excerpt) Read more Here | 2019-03-18 16:03:09
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