IBM IT global business giant IBM found out that it developed and announced the international money transfer protocol ” IBM Blockchain World Wire ” applying block chains.
With the service based on the Stellar / $ XLM protocol , it is said that it is possible to do international remittance (borderless payment) which takes several days in the past in a few seconds .
With international remittance using this service, it is said that you can freely negotiate stable coins that financial institutions (such as banks) use as intermediaries for currency exchange.
It would be a rough flow of the service that bank B transfers legal currency A to arbitrary stable coin and sends money to bank C, and bank C exchanges stable coins with legal currency D.
Stable coins are famous for such as Tether / $ USDT and TrueUSD / $ TUSD linked to the US dollar in currencies with a relatively low volatility secured value in statutory currencies and other assets.
In Japan, it is a topic that the Mitsubishi UFJ Group is currently developing and trialing the ” MUFG coin ” scheduled to be linked as one coin per yen.
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As for the international remittance protocol using block chains, the product ” x Rapid ” of Ripple (Ripple) / $ XRP has already become famous worldwide.
While xRP only uses XRP as an intermediary currency for international remittances, the IBM service that appeared this time seems to have the merit of being able to choose the currency you would like to use from among multiple stable coins .
Meanwhile, Ripple aims to promote xRapid worldwide and works closely with securities exchanges to secure the liquidity of XRP necessary for international remittance.
Article Source: IBM Blockchain World Wire
Author: Yuya 【Coin Desk News】 – Source Post: https://crypto-times.jp/ibm-blockchain-world-wire/
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