According to the recent statement published on IBM website, IBM seems to have brought back the Blockchain World Wire – BWW – its payment network out of the beta phase this week. The Blockchain World Wire is used digital currency through Stellar’s blockchain platform to expedite international settlements between the banks that are in “near real time.”
BWW implementations seem to be the latest step forward for both Stellar and IBM. The reports suggesting the interest of both the firms in executing this blockchain payment method was doing the rounds in news media since October of last year. But the official post released on the website clears all the assumptions by solidifying the news of a new execution method which is the BWW comeback.
The platform which summarizes the contract details of the upcoming project explains that this particular solution works in range with the use of digital assets for settling transactions as well as serving an agreed-upon store value exchange between the parties. Moreover, it will also work to integrate the payment instruction messages for the companies.
This summary further explained the works of the new platform and how it will be used to initiate the payment method using blockchain technologies for IBM. They say that all the funds will be allowed to transfer in a quicker moment of time and lower cost as compared to the traditional and correspondent banking expedition.
Back in July, the Cointelegraph reports suggested the budding partnership of IBM with a stellar-based asset firm Stronghold. The motive behind this team-up was to help Stronghold create the first stablecoin of the Stellar network as a result of a visionary project.
Jesse Lund, the vice president of the corporation of a global blockchain enterprise also had something to say at the time of the announcement reports. He said that they viewed this partnership as a means to bring monetary settlements into the transactional corporate network that they were at the time working on the building.
Back to the reports of current decisions; it looks like this move can provide a fresh set of competition for the current market, especially for the entities such as Ripple. Ripple is known for its controversies a few months back where it saw the executives voicing their opinions and doubts over the banking sector and what the blockchain appeals to it in specific.
However, IBM had a clear answer to these allegations as it believes that blockchain can “revolutionize” the existing global finance monarchy and they constituted an idea of banks being out-of-date as not “likely.”