IBM Recognizes the Utility and Versatility of Stellar
Partnership will likely give boost to other projects on Stellar network.
Last month, IBM announced its decision to utilize the Stellar network for their new product World Wire, a real-time global payments network for regulated financial institutions on the Stellar network, a that tool will provide additional ease in the exchange of value worldwide (cryptocurrencies, crypto tokens, fiat, and so forth). This news caused a bit of a ripple within the cryptocurrency community and points to something the WIRD Team has known for quite some time: that the Stellar network is an incredibly flexible, scalable, and secure decentralized tool.
For the uninitiated, IBM’s decision means several things. First, and perhaps most apparent, Stellar and other projects using their network have gained the implicit partnership of a major technology company with the reach and influence to solidify Stellar’s positioning in the crypto world. Second, this vote of confidence links regulated financial institutions (a.k.a. banks) to the speed and versatility of Stellar network. Out of the gate, World Wire supports 47 currencies in 72 countries, and it’s only going to grow from there. It will not be long before Stellar completely replaces the clunky legacy banking system of yesteryear with simple point-to-point transactions.
The WIRD Team is optimistic about what this means for the future of the transfer of value around the world. A network such as Stellar’s provides a blockchain protocol tailored and tuned for the transfer and store of value through the issuance of many different types of digital assets, and thus gives projects (such as our trivia game, Undiscovered Story) that use their network a massive boost.
In his own words Jess Lund, Vice President of IBM Blockchain describes the advantages of using Stellar:
“We chose Stellar because it has thought about scalability; it’s re-thought the underlying mechanics. And, some of them are quite complex.”
We agree, Jesse. We agree.