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
The US Senate held a hearing on the use of blockchain in energy
A hearing on energy and natural resources was held by the US Senate Committee on August 21 in Washington. Its main topics were blockchain and related technologies, as well as the possibilities of their use in the field of energy security. The Committee also considered the issue of a possible increase in electricity prices due to increased demand for it in the mining industry.
BitTorrent Elected as One of TRON's Super Representatives
Just weeks after acquiring peer-to-peer (P2P) file-sharing network, the Tron Foundation [TRX] selected BitTorrent Inc. one of the community representatives, the so-called Super Representative (SR).
