Aiming financial transaction between banking institutions, IBM has created a payment system using the Stellar blockchain. The solution, named World Wire, already has six banks as customers, one of them from Brazil, the Bradesco. Thus, banks will use tokens that will work as a stablecoin, backed in fiat money. However, the launch of the platform happened on March 18 working only with tokens backed by the US dollar.
IBM will play the role as the network operator, while Stellar will provide the protocol used for the transactions. However, this is not the first product jointly developed by companies, KlickEx was developed in 2017. This project is a pilot project of a payment system used in the South Pacific region.
The use of the Stellar blockchain allows IBM to create a more attractive payment solution than the others on the market. In addition to reducing costs, ease of auditing and application security have proven to be a great asset to customers. However, World Wire still needs to establish itself in the market and conquer banks in various countries. The giant of technology world is confident in the success of the application and bets on its growth in this new branch of applications.
IBM in the crypto world
IBM has been investing in products using crypto technology for a long time. The company is one of the main collaborators of the Hyperledger framework, used for building blockchain networks. The success of the product was so expressive that Amazon used to create its own blockchain product, Amazon Managed Blockchain. That is why it is possible to see that IBM has already understood that the future of technology is in the crypto world.
The Coindesk reported the launch of World Wire on March 18th.