IBM has completed beta-testing the payment system on the blockchain Stellar
The company promises to introduce a new product bankers and the financial industry at Sibos conference in Sydney, which will be held in late October.
Hopes IBM on a new product are visible at least from what the company website Blockchain World Wire a separate section. The technology, built on the blockchain Stellar, is positioned as a product for banks that are able to reduce the time for clearing and cross-border payments to seconds.
Another advantage is the elimination of intermediaries in such transactions, which should not only reduce time consumption but also the cost of operations.
IBM describes the system operation principle is as follows: two financial institutions agree to use in transactions between a “stablein, CBDC or other digital asset” as a connecting link between any two Fiat currencies.
Digital asset serves as a means of transaction, all items which are bloccano.
Mention stablon sends regular readers Hash#Telegraph to the project Strоnghold also use the blockchain Stellar, which also involved IBM.
Moreover, the project participants still said that they intend to create not just another tool for cryptotrading a token to financial institutions, which can be used in their everyday transactions.
Apparently, the payment system of the IBM is the closest competitor to Ripple and its xRapid and xCurrent. However, if we talk about world scale, we should not ignore China.
In late June, Ant Financial, formerly known as AliPay, successfully tested a system of international money transfers on the blockchain.
And payment system AliPay, however, no private digital currencies, like Ripple or stabilini, however, have a ready customer base of over 500 million users. While both IBM and the Ripple has yet to convince banks to use their platform.