IBM launches new blockchain payment network

IBM's Stellar-based payment system promises "near real-time" facilitation of international settlements between banks


IBM's Blockchain World Wire (BWW) payment network has been brought out of its beta.

BWW facilitates international settlements between banks in "near real-time" using digital currency on Stellar's blockchain.

Explaining the platform, IBM stated that, "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".

IBM added: "It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking."

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The move demonstrates just how serious IBM's attempts to enter the competitive blockchain payment market are, countering recent criticism for blockchain's applications in banking. Back in June, Ripple's chief cryptographer claimed that banks would be unlikely to deploy blockchain to process international payments due to low scalability and privacy problems with the current technology.

It is not the first sign of IBM's interest in blockchain. Recently, iPR Daily reported that IBM has filed for 89 blockchain-related patents, making it the second global company in terms of the number of patents filed, just behind Alibaba with 90 patents filed.

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