Executives say that several IBM organizations have studied using stable coins in World Wire.

Executives say that several IBM organizations have studied using stable coins in World Wire.

Image source: worm
Today, as many large shipping companies are working on a blockchain-based trade digital platform, more than half of the world's container shipments will be presented online. The addition of hapago – lloyd and ONE will also help drive further adoption worldwide, including expanding its presence in Asia.

We interviewed Todd Scott, vice president of global trade in IBM blockchain, who talked about IBM's ongoing blockchain project and asked him which projects he thought were the most successful.

According to Scott, TradeLens is certainly one of them. He says:

“With the addition of CMA CGM, hapago-lloyd, MSC and Ocean Network Express (ONE), nearly half of the world's shipping container cargo data will be tracked through TradeLens. TradeLens is in production and currently has more than 100 participants. Tracked and shared more than 500 million shipping activities and documents. The platform is used on six continents and its members have access to 600 ports and terminals from the system."

He also mentioned the IBM Food Trust, which currently uses more than 100 different members, including the four largest food retailers in the United States. He added:

"IBM Food Trust has processed more than 12 million transactions involving more than 8,000 products. Carrefour recently announced that it is using this blockchain network to allow consumers to track their Moussalin brand on the blockchain through mobile apps. Mashed potatoes. Previously, Carrefour also announced an app for tracking organic chicken."

IBM World Wire vs. Ripple's Interledger

Noting that there hasn't been much news about IBM-Stellar's cooperation recently (the two sides have cooperated on IBM World Wire), everyone has any progress on the cooperation between the two parties and how the system differs from Ripple's Interledger. .

Scott said their customers are currently running transactions in a test environment. He explained that since this is a new business model and the use of digital settlement tools is new, this phased approach is predictable.

“We will continue to add and enable available endpoints in accordance with local regulations.”

Also, when it comes to Ripple, he calls it a closed network that uses a single digital asset type to send payments between participants in the network. In this model, Ripple is the developer and network operator of xRapid, and all participants need to use Ripple-issued XRP as the settlement asset. He says:

“World Wire provides a technical layer for payment based on trust. By using highly secure distributed ledger technology, payment platforms can increase global financial flows by eliminating intermediaries involved in payment clearing and settlement.”

He added that World Wire is a business-to-business solution that improves the customer experience by increasing the speed and ability of payment providers to provide more services to their customers. However, he pointed out that this is not a direct consumer-oriented solution.

The World Line enables messaging between participants using the ISO 20022 standard API, allowing for the delivery and tracking of real-time payments, with no additional software. Financial institutions can seamlessly connect their existing payment systems to the World Wire API. Exchange rate quotes between currency pairs are provided in real time through participants on World Wire. All transaction details are recorded on an immutable blockchain for removal.

World Wire uses Star Coin (XLM) as an optional digital asset to trade on blockchain networks and will also support the use of stable currencies with asset support prices of $1. IBM is not the publisher of any assets on the network. ”

Talk about some IBM-Stellar work on stabilizing coins (we mentioned that 26 stable coins based on stellar coins will be online with Wirex), and Scott said that several of them are exploring legal currency-based stabilization. The use of coins in the World Wire network, they are also seeking regulatory feedback, and their respective countries are also creating and guiding how to regulate stable currencies.

Original: https: //www.coinspeaker.com/ibm-todd-scott-stellar-lumens/ Author: TEUTA FRANJKOVIC
Compile: Kyle
Source (Buffalo): Babbitt Information (https://www.8btc.com/article/443689)

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