IBM's Stellar Move - IBM Debuts Blockchain Banking Across Globe

IBM's Stellar Move - IBM Debuts Blockchain Banking Across Globe

"Through KlickEx, the Pacific has had relatively low-priced, real-time, multi-currency payments for most of the past decade, and this project was a natural next step following our work to create seamless and borderless payments across the Pacific", Bell said. Services like TransferWire, American Express or Western Union Money Transfer are rather good for savvy customers, but not suitable for small businesses which can not afford the huge transaction costs.

The KlickEx Group, IBM, a regional financial services company, and a non-profit organization, Stellar, which supports an open source network of BlockChain, have unfolded new regional cross-border solutions for payments, with the help of BlockChain technology of IBM for providing settlement and trade clearance in real times on a single network.

"This new implementation is poised to start a profound change in the South Pacific nations, and once fully scaled by IBM and its banking partners, it could potentially change the way money is moved around the world, helping to improve existing global transactions and advancing financial inclusion in developing nations". A platform enabling a hyperledger fabric - core to blockchain - in the form of a network that can settle complex cross-border transactions in a matter of seconds is of enormous immediate benefit to banks, and those forms are the initial focus of this announcement.

Digital Currency is The Key: The fresh blockchain banking process is significant as the banks firstly will depend on bitcoin like digital currency called Lumes to ease the payments made across multiple countries.

The solution is already in production - supporting transactions in 12 currency corridors across the Pacific Islands and Australia, New Zealand, and the United Kingdom. The solution is expected handle nearly 60% of the cross-border payments from the retail industries across the South Pacific by 2018 and will expand further.

The technology giant revealed that it and Dream Payments are rolling out Dream Payments Cloud to US financial institutions, which is described as a scalable platform that enables financial institutions to provide business customers with secure mobile and digital payment services that help them go to market faster and improve customer experiences.

In one example, IBM said its service could be used to connect a farmer in Samoa with a buyer based in Indonesia, while covering more than just the payment itself.

IBM's VP of Blockchain, Jesse Lund told that it is an essential next step in the evolution of blockchain technology.

IBM has also partnered with Walmart, Kroger, Nestle and others to improve the food safety by using Blockchain technology which can help to enhance traceability and transparency.

Starting early next year, IBM said it plans to invite numerous banks worldwide to join the network and help it expand.


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