IBM Blockchain Vice President: World Wire supports stable currency but IBM does not issue any assets

IBM Blockchain Vice President: World Wire supports stable coins but IBM does not issue any assets

According to coinspeaker, IBM Global Blockchain Vice President Todd Scott said in an interview that IBM's payment network, World Wire, can support stable coins, while TradeLens and Food Trust are one of IBM's most successful blockchain projects.

Scott said that its global payment network, World Wire, is currently running in a test environment because it is a new business model. He said that

“World Wire provides technical support for trusted payments between parties. By using highly secure distributed ledger technology, payment platforms can be used to increase global financial flows by eliminating the intermediary involved in clearing and settlement.”

He added that World Wire is an inter-enterprise solution that can improve the customer experience by providing faster payouts and more features. But this is not a direct consumer-oriented solution. He also mentioned the case of World Wire supporting stable currency.

“Financial institutions can seamlessly switch existing payment systems to World Wire's API. Exchange rate quotes between currency pairs are provided in real time through participants of the World Wire network. All transaction details are recorded on an immutable blockchain. Clearing. World Wire uses Stellar Lumens as an optional digital asset to trade on a blockchain network, and can also use a stable currency that is tied to the US dollar. But IBM is not the publisher of any assets on the network."

Scott also said that several organizations are exploring the use of currency-backed stable coins on World Wire. As the countries concerned are exploring and developing regulatory guidance on stable currencies, they are also communicating with their respective national regulators.

In the interview he was also asked about the most successful blockchain project IBM participated in, and Scott said that there must be a TradeLens project tracked by the global shipping supply chain. He said that

“With CMA CGM, Hapag-Lloyd, MSC and Ocean Network Express (ONE) joining TradeLens, nearly half of the world's shipping container cargo data will be tracked on TradeLens. TradeLens has entered the product phase and is currently participating with more than 100 people. Collaboration. These participants tracked and shared more than 500 million transportation events and documents. The TradeLens platform covers data from more than 600 terminals and terminals on six continents."

He also mentioned Food Trust, IBM's food source tracking program, which is currently used by more than 100 different members, including the four largest food retailers in the United States. He said that

“It has processed more than 12 million transactions and tracked more than 8,000 products. Carrefour recently announced that it is using the blockchain network to allow consumers to track on the blockchain through mobile apps. It also launched a Track the application of chicken."

Image source: pixabay

By Xiu MU

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Disclaimer: It is only the author's point of view and does not constitute investment advice. Investment is risky and at your own risk.