IBM Blockchain World Wire: The blockchain for money transfer
IBM has developed a blockchain network that aims to simplify the transfer of money regardless of currency, using cryptocurrencies issued by banking institutions. It’s called IBM Blockchain World Wire.
IBM announced the launch of IBM Blockchain World Wire: it is a payment network designed to operate in real time globally to ensure immediate and secure money transfers. The goal of IBM Blockchain World Wire is to accelerate the transfer of money even when this requires a change of currencies.
IBM Blockchain World Wire allows you to manage different payment methods in a unified way by relying on a unified network that guarantees the quality of transactions. Currently, World Wire is available in 72 countries using 47 different currencies, with 44 bank endpoints.
The use of IBM Blockchain World Wire is still subject to local laws, and the company is working to expand availability on a global scale, with additional credit institutions that have announced their intention to support the network.
The operation of IBM Blockchain World Wire requires the use of cryptocurrencies. At the moment, both Stellar Lumens and Stronghold USD, a cryptocurrency linked to the US dollar, are supported.
Additional credit institutions have announced their willingness to issue their own cryptocurrencies related to the value of the euro, Indonesian rupiah, Philippine peso, Korean won and Brazilian real.
IBM Blockchain World Wire: the blockchain for the real world
The advantage of the blockchain-based model is that of the immediacy and security of money transfer. Unlike the classical model, which provides communication between credit institutions, the blockchain model makes it possible to transfer money almost instantly.
Although at the moment the application of this concept is being still limited, the advantages compared to the ” traditional ” model make the blockchain model much more suited to the needs of the modern world.
You can get more information on the IBM website.
