Multinational technology company IBM has launched a blockchain-based financial solution to upend the existing status quo regarding remittances and global payments.
This proposed solution, called IBM Blockchain World Wire, is set to adopt the Stellar (XLM) blockchain alongside other digital assets to allow instant money transfers of a guaranteed amount. Stellar describes itself as a “financial rail that can simultaneously clear and settle cross-border payments in near real-time.”
Blockchain World Wire is set to integrate with existing payment systems and support transactions of any size, destination, and asset type within a high-security process. In describing the possible utility, IBM has emphasized the cost-savings of the World Wire.