Transactions in different currencies can require multiple intermediaries and take days or weeks to complete.
The payment solution from IBM is already effective and processing live transactions in 12 countries across the Pacific Islands, United Kingdom and Australia. That network, being used by members of the Advanced Pacific Financial Infrastructure for Inclusion, eventually is expected to process up to 60% of all cross-border payments in the South Pacific's retail foreign exchange corridors including Australia, New Zealand, Fiji, Samoa and Tonga by early next year.
IBM (IBM) announced Monday a new blockchain banking solution that will help financial institutions address the processes of universal cross-border payments. This payment solution can help in settlement of trades on a single network in real-time.
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For example, IBM said that in the future, its service could make it possible for a farmer in Samoa to enter into a trade contract with a buyer in Indonesia, while covering all aspects of their transaction, not just the payment. The blockchain could be used to record the terms of the contract, manage trade documentation, allow the farmer to put up collateral, secure letters of credit, and finalize transaction terms with immediate payment, thereby conducting global trade with transparency and ease. IBM has more than 1,600 employees working in the Blockchain and distributed ledger technology across all sectors. His team also leads global partnerships, represents IBM in industry consortiums, engages clients in solution design and development, and informs IBM's strategic investment priorities within the Blockchain and cryptocurrency industries.
Under the latest blockchain system, banks will make the transactions using digital currency Lumens and then depend on the local market makers for the conversation of Lumens into local fiat currency.
According to IBM's VP of Blockchain, the banks will use stellar's digital currency for a temporary period as it is quite predictable that in the upcoming year, central banks will also start issuing their own digital currencies and that these will become a vital part of blockchain-based money transfers.
Blockchain ledgering now may be thought of as a technology having more impact in the financial sector, though notably in retail, Walmart has worked with IBM and others to support use of blockchain for tracing accountability in complex food supply transaction for their worldwide grocery efforts.