The American tech company IBM has launched its blockchain network World Wire. The group wants to spread its payment network worldwide, relying on the support of some international banks. IBM has been working on its blockchain network since 2016.
The American company IBM today announced on March 20 that it intends to launch its own Blockchain network World Wire. IBM World Wire is a global real-time payment network for financial institutions. According to World Wire, World Wire connects around 72 countries with 47 currencies and 44 bank endpoints. Overall, the blockchain allows the action of about 1,081 currency pairs. According to IBM, World Wire was developed to optimize and accelerate foreign exchange, cross-border payments and money transfers. The company claims that this is the first blockchain network of its kind. It is unique, according to the company, that payment messages, clearing and settlement are integrated into a single network, enabling participants to dynamically choose from a variety of digital assets.
What is the vision of World Wire?
Marie Wieck, General Manager of IBM Blockchain, says in a press release that the Group has created a new innovative payment network with World Wire. Wieck stressed that World Wire can speed up transfers and facilitate cross-border payments in countries that do not usually have good financial infrastructure. The manager also emphasized that the creation of the network should support multiple digital assets. In addition, the company expects World Wire to drive innovation and financial inclusion.
World Wire will also offer a model for cross-border payments using the Stellar Protocol. With Stellar, money transfers should be made from point to point rather than the complexity of traditional transactions. Using the Stellar protocol reduces the number of intermediaries and allows users to complete transactions in seconds, according to IBM. As the company announced, the network already supports billing with Stellar Lumen. In addition, World Wire supports a stable coin in US dollars, which was designed in collaboration with partner Stronghold.