IBM Announces “Stellar-Based” Blockchain Payment Network
One of the big impediments to blockchain adoption has been the amount of time it takes to execute a complex blockchain transaction. To remedy this, IBM has announced that its Blockchain World Wire (BWW) payment network is out of beta this week, a network based on the Stellar Development Foundation’s (SDF’s) financial infrastructure designed to speed worldwide access to low-cost financial services through the development and maintenance of technology and partnerships.
Using IBM LinuxONE servers, IBM has tuned SDF’s blockchain technology to efficiently simplify international settlements between banks “near real time” speed. The new product will allow the exchange of fiat money for cryptocurrencies – money that is legal tender, but it is not backed by a physical commodity. Without the use of a physical commodity, the processing speed of a transaction can be greatly increased.
What is Stellar?
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NOTE: This column was originally published in the Pund-IT Review.