IBM Takes Blockchain World Wire Out of BetaIBM has taken its Blockchain World Wire (BWW) payment network out of beta this week.
This development was made known in a post on IBM’s website. BWW, which makes use of digital currency on Stellar’s blockchain to facilitate foreign settlements between banks in “near real-time,” is the most recent step forward for IBM and Stellar, which have been considering blockchain payment options since October last year.
“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,” a new summary of the platform relayed, explaining: “It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.
” IBM had collaborated with Stronghold, a Stellar-based asset, to make the Stellar network’s first stablecoin. “We see this as a way of bringing financial settlement into the transactional business network that we have been building,” the corporation’s vice president of global blockchain Jesse Lund quipped during that time.
The most recent move offers new competition for entities such as Ripple, which has had a contentious few months as executives express doubts over blockchain’s appeal to the banking sector.
While IBM claimed that blockchain could “revolutionize” the global financial system in an analysis released back in January, the firm nevertheless considered the idea of banks themselves becoming obsolete as “not likely.”