Stellar Lumens XLM potential for the future

The American IT company IBM enters into a cooperation with the open source financial services provider Stellar. The aim is to develop a common block chain solution for cross-border payments.

The IBM Blockchain project is designed to help the financial industry and its customers, in the future, make cross-border credit transfers faster and more cost-effectively. Targeted is a cross-border transfer, which comes close to real time, therefore, therefore, would be a lot faster than before. Due to higher hurdles of paying across borders, remittances can typically take several days.

As the magazine Fortune reports, a network of 12 different currency areas is currently being built up, which is made up of currencies of the South Pacific states. In addition to Australia and New Zealand as the major draft horses of the project, the network also includes several island states such as Fiji or Tonga. The British pound can also be synchronized as currency within the network.

To handle the cross-border transactions, Stellar provides its lumens token, which can act as a means of payment throughout the network. Lumens is the cryptocurrency of technology start-up Stellar. The token is specifically designed to connect banks, payment systems and people.