IBM has teamed up with Stellar (XLM) to create its new payment network – Blockchain World Wire (BWW). It appears as if IBM has finally brought BWW out of its beta phase and placed into a live environment, as BWW now has a section on the IBM website. BWW touts the fact that customers using it will be able to settle cross-border transactions in seconds rather than days thanks to the Stellar protocol. It works by converting the initial fiat currency into a digital currency, the instant this has been completed it then converts the digital currency into the destination fiat. All the transactions completed using BBW will be stored on its immutable blockchain for referencing.
Stellar Making Waves
Stellar is quickly becoming popular, especially in the Middle East. Recently, it was given the sharia compliant rubber stamp of approval, and has seen its popularity soar as a result. It offers financial institutions a high speed and low-cost platform to make cross-border payments. Large sums of money can be transferred internationally within seconds and at the fraction of the cost using traditional banks charge. This unique nature has helped Stellar climb to the top of many financial institution’s watch lists.
Ripple Left in the Dust
IBM’s decision to pair up with Stellar has been hard on Ripple, considering its xRapid platform works very similarly to Stellar’s protocol. Unfortunately, Ripple has a lot of bad press, with many in the crypto community denouncing it as a cryptocurrency. While Ripple has teamed up with a number of large banks and financial institutions, the Twittershpere still trolls it with brilliant memes whenever there is a corporate announcement.
Blockchain Powering Banking
With every passing day, more traditional banks and financial institutions are beginning to join the blockchain revolution. The Bank of America has been stockpiling blockchain patents, and recently applied for another. It has so far collected just under 50 patents, that is more than IBM. American Express is also working on its own blockchain adventure as well. It has won a patent to create a Proof-of Purchase algorithm, which will revolutionize the way its customers interact with purchases..
Banking is certainly reaping the benefits blockchain has to offer, speeding up transactions and making the process safer for customers. As banking becomes blockchain friendly, more people will be unknowingly reaping the blockchain benefits and this will further drive mass adoption of the underlying technology. The blockchain revolution is creeping into every facet of daily life, giving a more instant experience to consumers.
