According to an official company announcement, IBM has successfully developed “a real-time global payments network” that it says will help to “optimize” and “accelerate” both foreign exchange and cross-border payments and remittances, making it easier than ever before for people to buy and sell within the global marketplace using variant currencies.
By implementing its own blockchain technology within the confines of a single unified network, IBM says that participants from around the world will now have the ability to process cross-border payments with unprecedented ease, eliminating many of the traditional barriers associated with currency conversion – and basically laying the groundwork for a whole new global currency system that will eventually replace our current decentralized paradigm.
“We’ve created a new type of payment network designed to accelerate remittances and transform cross-border payments to facilitate the movement of money in countries that need it most,” revealed Marie Wieck, General Manager of IBM’s Blockchain division, about how the technology is a game-changer. “By creating a network where financial institutions support multiple digital assets, we expect to spur innovation and improve financial inclusion worldwide.”...read more>>>...