Will IBM Rule Blockchain?
IBM has been making a key push to adopting blockchain technology and cryptocurrencies. IBM has a built-in advantage with Fortune 500 Enterprise companies as a substantial portion use IBM’s computer machines to run their operations. IBM partnered with the Stellar Foundation, to leverage it’s blockchain to power transactions processed on the Blockchain World Wire (BWW).
BWW will be a network of nodes operated by IBM, allowing financial institutions to send money and messages cheaply and faster than traditional remittance financial networks ran by large banks. By leveraging BWW, banks will be able to use crypto-currencies such as Stellar Lumens to build their own stablecoins and send cross-border payments faster and cheaper.
They want to power financial institutions’ stablecoins and financial transactions to drive interoperability between major financial institutions for transferring funds, and remittances. The argument for using BWW is pretty straightforward-move money and banking messages within seconds and at a fraction of the cost. Long term, IBM will help increase crypto-currency adoption among end users of banking financial services by providing an easier developer-centric integration process leveraging APIs, and additional service layer for large Fortune 2000 companies to leverage the technology with fewer bottlenecks in development and implementation.
The underpinning business model behind BWW adoption will be transactional fees. IBM’s goal is to process trillions of dollars in monetary transactions and charge low-transaction fees for access to their network.
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