IBM Debuts Stellar-Powered ‘Blockchain World Wire’ Payments System

IBM is taking its long-in-the-works blockchain-based payment system out of beta, with the launch of a new product called Blockchain World Wire.

Aimed at institutions and harnessing the stellar blockchain network, Big Blue says its new financial rail “can simultaneously clear and settle cross-border payments in near real-time.”

Similar to other blockchain-based payment networks such as Ripple, World Wire attempts to do away with banking intermediaries that add complexity and cost to the traditional international payments systems.

According to a document provided by IBM, the product works by substituting the banking intermediaries normally needed for cross-border payments with digital assets sent over a distributed network.

Read more here: https://www.coindesk.com/ibm-debuts-stellar-powered-blockchain-world-wire-payments-system/