IBM Blockchain World Wire

[cheneah]

This tech giant IBM’s masterpiece took a year to complete, and which it believes can “clear and settle cross-border payments in near real-time.”

Named Blockchain World Wire, the payments platform could become the solution to the longstanding problem with cross-border payments transactions, as it promises to transact faster, and to remove unnecessary paperwork and intermediaries.

What’s more interesting is that cryptocurrencies will play a pivotal part in the success of the overall system.

According to an IBM document:

“The solution uses digital assets to settle transactions—serving as agreed-upon store of value exchanged between parties—as well as integrating payment instruction messages. It means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.”