American corporation IBM announced the launch of a beta version of the new payment system IBM Blockchain World Wire, created on the basis of the protocol Stellar. The solution provides a real-time opportunity to conduct clearing and settlement transactions on cross-border payments and can be integrated into existing payment systems.
It is assumed that financial institutions will be able to use stable coins, digital currencies of central banks or other crypto assets to make payments with transferring funds from one currency to another, and IBM Blockchain World Wire will connect their payment systems through API tools, convert and record transaction data on the blockchain, protected from making changes.
IBM, which claims that it currently serves 97% of the world’s leading banks, intends to submit a new system in October in Australia at the SWIFT international conference Sibos.
Recall that IBM is on the second line of the ranking of the world’s largest inventors in the field of blockchain, published by the publication IPR Daily. The Corporation filed 90 patent applications related to blockchain technology.
In July, IBM and Columbia University created a new research center to implement educational initiatives and support the development of applications in this field. At the same time, the municipality of Riyadh, the capital of Saudi Arabia, chose IBM as a strategic partner to facilitate the introduction of the technology into public services and transactions. And with the Australian government, the corporation entered into a contract for 1 billion Australian dollars ($ 740 million), which will be supported by the state authorities of the country within five years, including the defense and interior departments that use blockchain technology and want to automate processes.