The United States software, computing and cloud-based service provider, IBM is now looking for an Offering Manager under its Blockchain Financial Service Solutions department to worth with the Stellar Ledger. According to the latest LinkedIn post, the firm laid out what is expected of the new team member saying:
“This role will assist in providing Offering Management expertise in allowing IBM Blockchain Financial Solutions clients, who do cross border payments, to avail themselves of a transformational method to initiate their payments. The Stellar blockchain ledger is used as the system of record for settlement of financial transactions between counter-parties on the World Wire network”
So this is clearly a great step in the right direction which has come after the company launched the Blockchain World Wire. For those that don’t know, World Wire is essentially a rival to xRapid as well as the international payment network, SWIFT. As IBM says, the blockchain based payment system will completely change the idea of money and for instant settlements. In addition to this, it will leverage Stellar’s native cryptocurrency, XLM.
With XLM being integrated, financial institutions, as well as companies connected to the World Wire, will “clear and settle cross-border payments in seconds.” With this, transaction participants will see the end of third parties and cut the costs of transactions, reduce the cost of transactions while increasing efficiency all at the same time. All that has to be done it agree on the facilitating currency stablecoin or digital asset which acts as a link for currency conversion.
On the IBM website, it states:
With IBM Blockchain World Wire, clearing and settlement with finality happens in near real-time. The solution uses digital assets to settle transactions — serving as an agreed-upon store of value exchanged between parties — as well as integrating payment instruction messages. It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.”
As was expected to happen, IBM is on its way to adjust an fit in with the quickly evolving technological advances. By hyping up their human resource in how they put it, a“philanthropic mission for serving the needs of unbanked individuals in developing countries,” it doesn’t come as a surprise that the megalith is prepared to compete and clip market share from the SWIFT. As reported by EWN, the continuous adaptation, transition and innovation will eventually play out to their advantage as it syncs well what the IBM CEO, Ginni Rometty said back in 2015:
“Digital is the wires, but digital intelligence, or artificial intelligence as some people call it, is about much more than that. This next decade is about how you combine those and becomes a cognitive business. It’s the dawn of a new era.”