IBM has ushered into the world of Block chain with World wire. The World Wire Payment is built on Stellar network. The question lies, why IBM chose Stellar Network? Study to the company officials, Stellar is known for its versatility and the speed. IBM’s radical move in the payment system will reinvent the payment for banking and non-banking companies. World Wire has been enabled in 72 countries with 47currencies and 44 banking end points.
The use of World Wire will decrease intermediaries and propel the settlement time by transmitting the monetary value in form of digital assets. The use of Blockchain Technology with Stellar protocol will settle the transaction in seconds. During the use of IBM’s World Wire, the financial institutions will transact with their own payment system. The World Wire will convert the first fiat currency into digital asset. Simultaneously, World Wire with convert the digital asset into second fiat currency.
IBM website says, “With CAGR expected to average 7%, the payments industry is expected to be a USD 2-trillion-dollar industry by 2020”. This simplified approach will make the money more fluid, markets more open and ultimately people empowered. The data for Blockchain solution will use IBM Storage. It will enable flexible data management system and deployment of multi cloud models.
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