IBM recently launched World Wire product, the new financial rail that simultaneously clears and settle cross-border payments in near real time is possible using blockchain technology and the Stellar protocol.
In a recent interview, the IBM VP of blockchain and Digital Currencies Jesse Lund underlined the importance of Stellar despite its small Cap.
“We see Lumen as a viable settlement instrument in this ecosystem of cross border payments “
Lund believes that a variety of asset should be available when making cross-borders settlements. Most blockchain protocols outside of smart contract platform don’t allow for the transfer of multiple assets.
In brief IBM’s World Wire is an alternative to R3’s Corda settlement layer, which in part uses Ripple.
During the interview He said : “ We are gonna be supporting more than 50 countries out of the gate , 30-40 currencies, and enough market makers to drag along 30 or 40 banks. So we’ll have a significant portion of the world covered and our goal is to continue to expand that network and to provide global coverage within 3-5 years where you can actually send remittances in a consistent way, immediately, at very low cost, from anywhere in the world to anywhere in the world.”
Useless to say that IBM is a major supplier of banking and financial services hardware and Visa is one of these clients. This is a definite plus for Stellar.
World Wire could result the most complete cross-border blockchain payment ledger.
Well, now all we can do is to wait . Next Stop Singapore event on March 19.