IBM has officially finished developing a blockchain platform which will enable global transactions to cost a fraction of the current cost and be fulfilled within a fraction of current times. Developed in partnership with Stellar and KlickEX, the decentralized ledger will contain user data stored in blocks. As the ledger will be accessible to all the members of the blockchain, it is hoped the platform will allow banks to fulfill and settle international transactions much faster.
“With the guidance of some of the world’s leading financial institutions, IBM is working to explore new ways to make payment networks more efficient and transparent so that banking can happen in real-time, even in the most remote parts of the world,” Bridget van Kralingen, senior VP of IBM Industry Platforms
The project is currently available to banks in the 12 “currency corridors “which are primarily based around the Australian, UK, Pacific islands and New Zealand economic areas, but as the technology matures, IBM hope to rollout to many financially underdeveloped nations such as those in Asia, or even in Africa such as Uganda. With costs for international transactions from these smaller nations disproportionately high, the blockchain platform is likely to make a much bigger impact.
To conclude, IBM have successfully developed a platform based on blockchain technology allowing banks to effectively create transactions on a global scale. Directly benefiting the end user, banks will be able to make use of the platform to slash transaction times from days to potentially hours in some cases, with added benefits directed to the user in the form of cheaper transactions. With the aid of the Stellar organization, known for their ambitious blockchain projects the platform developed by IBM, will also incorporate essential user information in the distributed ledger to allow fluid and efficient international payment processing.
