IBM Is Now a Player In the Blockchain Space

Andrew Cummings
October 17, 2017

In keeping with IBM's commitment to open source, the solution is run from the IBM Blockchain Platform on Hyperledger Fabric and was built in collaboration with, a non-profit organization and associate member of Hyperledger, and KlickEx Group, a regional financial services company in the Pacific region.

The solution is already in production - supporting transactions in 12 currency corridors across the Pacific Islands and Australia, New Zealand, and the United Kingdom.

IBM and Dream Payments are rolling out Dream Payments Cloud to US financial institutions -a scalable platform that enables financial institutions to provide business customers with secure mobile and digital payment services that help them go to market faster and improve customer experiences. "We look forward to the results with using IBM Blockchain as we continue to push forward with our mission to remove payment friction across borders".

Blockchain, which is based on a disparate network of the computer to build an indelible, tamper-proof record of latest transactions, is popularly associated with a decentralized digital currency called bitcoin (BTC). But it can also be used in several other applications like; tracking shipment details, or in this case in recording a series of cross-border transactions.

In one example, IBM said its service could be used to connect a farmer in Samoa with a buyer based in Indonesia, while covering more than just the payment itself.

IBM's VP of Blockchain, Jesse Lund told that it is an essential next step in the evolution of blockchain technology.

IBM (IBM) announced Monday a new blockchain banking solution that will help financial institutions address the processes of universal cross-border payments.

Currently, banks arrange such payments by maintaining foreign accounts in a local currency (so-called nostro accounts), and then debiting the accounts as required-a process that is both slow and ties up capital.

Using a blockchain distributed ledger, all appropriate parties have access and insight into the clearing and settlement of financial transactions. The fresh digital currency Lumens are created by a well-established figure in the world of payments and crypto-currency - Stellar. The company is working with multiple leading financial institutions to "make payment networks more efficient and transparent so that banking can happen in real-time, even in the most remote parts of the world, CNBC quoted Bridget van Kralingen, senior vice president of IBM Industry Platforms, as saying in the announcement".

A number of banks including BBVA, Bank Danamon Indonesia, and Mizuho Financial Group, are included in the development stage, according to the report.

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