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Stellar Blockchain Adoption Takes Further Innovation

Stellar Blockchain Adoption Takes Further Innovation

Last updated: February 17, 2021 | February 02, 2019 | Paolo Reyna
financecrypto

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Further Innovation

IBM has become a U.S. tech, storage, and cloud-based business looking for an Offering Manager to use the Stellar Ledger under its Blockchain Financial Service Solutions department.

The firm arranged what is expected of the new team member, according to the latest LinkedIn article, saying:

"This role will help in providing Offering Management expertise in allowing IBM Blockchain Financial Solutions clients, that do cross border payments, to avail themselves of the transformational approach to initiate their debts. The Stellar blockchain ledger can be used as the system of record for settlement of monetary transactions between counter-parties around the World Wire network”

So this is obviously an outstanding move in the right direction after the launch of the Blockchain World Wire by the company. For those who do not know, World Wire, along with the international payment network, SWIFT, is essentially a competitor to xRapid. The blockchain-based payment scheme, as IBM states, would totally change the concept of money as well as instant settlements. In addition to this, it’ll leverage Stellar’s native cryptocurrency, XLM.

With the integration of XLM world wire, banking institutions could "clear and settle cross-border payments in seconds" in addition to companies attached to the World Wire. With this, transaction participants will find the end of organizations and cut transaction costs, minimize transaction costs while simultaneously raising performance. All that needs to be done to agree with facilitating currency stablecoin or digital asset which provides a link for currency conversion.

On the IBM website, it states: "With IBM Blockchain World Wire, clearing and settlement with finality occur in near real-time. The solution uses digital assets to stay transactions — becoming an agreed-upon store of worth exchanged between parties — in addition to integrating payment instruction messages. It all means funds are now able to transfer in a fraction from the cost and duration of traditional correspondent banking.”

Further Innovation

As is likely to happen, IBM is on its way to regulating and engaging in technical advances that are rapidly changing. It doesn't come as a surprise that the megalith is prepared to fight and clip SWIFT's market share by hyping up their human capital in the way they put it, a "philanthropic mission to serve the requirements of unbanked individuals in developing countries."

As reported by EWN, the continuous adaptation, transition and innovation will ultimately play out for their advantage because it syncs well exactly what the IBM CEO, Ginni Rometty said in 2015:

“Digital may be the wires, but digital intelligence, or artificial intelligence as many people call it, is all about much more than that. This next decade is all about how you combine those and turns them into a cognitive business. It’s the dawn of the new era.”

Paolo Reyna | Paolo is a senior at the University of Illinois at Urbana-Champaign, majoring in International Studies with a Latin American emphasis. During the fall semester of 2012, he had the opportunity to study abroad in Peru, which piqued his interest in international growth. He learned about the disparities that impact indigenous peoples, got a taste of Peruvian culture, and improved his Spanish skills. Mitchel interned with the Chicago Council on Global Affairs, conducting research on food security in Latin America, after being inspired by his foreign experience. He wants to work in international development and for a government department, writing legislation. He loves playing intramural basketball and practicing for the Chicago marathon when he is not thinking about current events in Latin America.

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