IBM recently announced that it is launching Blockchain World Wire (BWW), an international payment system with lower costs and faster transaction times, which is expected to phase out the need for banking intermediaries.
IBM's World Wire will enable cross-border payments in near real time, it said. The platform uses the intermediate cryptocurrency Stronghold USD and the Stellar protocol. This will allow financial institutions to process and process international payments in a matter of seconds.
“This solution uses digital assets to facilitate transactions and integrate payment instructions, transferring funds faster and cheaper than traditional banks.”
According to McKinsey & Company, the payments market could reach $2 trillion by 2020. Blockchain World Wire has many advantages:
-Supports payments (regardless of their size)
-Payments can be sent anywhere in the world in any currency
-Powerful security system with enhanced access control
-Simplicity
-Transparency
-The user is charged a one-time minimum fee for translation
-Integrates with any payment system
IBM representatives also stated:
“Institutions can use their current payment systems - seamlessly connected to World Wire's API - to convert fiat currency into a digital asset. World Wire then converts the cryptocurrency into another fiat currency, completing the transaction. All transaction data is recorded on the blockchain, from which information cannot be accessed delete.”
According to cryptodaily.co.uk
You May Also Like
A consortium of IBM, OMNICOM and PUBLICIS companies explained how to use blockchain in advertising
The blockchain technology consortium working group, which consists of IBM, IPG Reprise Digital, Omnicom Media Group, Publicis Media, GroupM, CoinDesk, MAD Network and others, has prepared a white paper that addresses issues related to blockchain technology.
The first blockchain university opened in Malta
The world's first university may soon open in Malta, the administration system of which is entirely built on blockchain. According to a Medium report on August 24, 2018, some scientists from the world's top educational institutions have already signed contracts with the university.
