IBM Announces ‘Blockchain World Wire’. Will it Compete with Ripple’s xRapid?

[vrippled]

https://www.coindoo.com/ibm-announces-blockchain-world-wire-will-it-compete-with-ripples-xrapid/

"International Business Machines (IBM) has released quite in the shadow “Blockchain World Wire” or what it describes “the new financial rail that can simultaneously clear and settle cross-border payments in near real-time”.

The tech giant IBM has silently developed “Blockchain World Wire“, a product that will definitely compete with Ripple’s xRapid...

International Business Machines (IBM) has released quite in the shadow “Blockchain World Wire” or what it describes “the new financial rail that can simultaneously clear and settle cross-border payments in near real-time”.

The tech giant IBM has silently developed “Blockchain World Wire“, a product that will definitely compete with Ripple’s xRapid.

Here are two schemes taken from IBM’s website, presenting how the new system is set to work:

The cross-border payments realized via Blockchain World Wire are based on Stellar protocol. The process respects the following steps:

“Two financial institutions transacting together agree to use a stable coin, central bank digital currency or other digital asset as the bridge asset between any two fiat currencies.”

“The institutions use their existing payment systems – seamlessly connected to World Wire’s APIs – to convert the first fiat currency into the digital asset.”

“World Wire then simultaneously converts the digital asset into the second fiat currency, completing the transaction.” (“All transaction details are recorded onto an immutable blockchain for clearing.”)

...Intentionally or not, Blockchain World Wire’s description seems to be quite similar to Ripple’s product known as xRapid. Notably, IBM’s feature will support any cryptocurrency-not only Ripple XRP.

The Stellar community is super excited given that Stellar Lumens XLM will be used as the bridge currency, while Ripple users are afraid that financial organizations might opt for Blockchain World Wire rather than xRapid."

[Guest]

It's old news

https://www-03.ibm.com/press/us/en/pressrelease/53290.wss

[damascus1986]

Two financial institutions transacting together agree to use a stable coin, central bank digital currency or other digital asset as the bridge asset between any two fiat currencies.”

Notably, IBM’s feature will support any cryptocurrency-not only Ripple XRP.

The Stellar community is super excited given that Stellar Lumens XLM will be used as the bridge currency, while Ripple users are afraid that financial organizations might opt for Blockchain World Wire rather than xRapid."

 

a bit contradictory? are we worried i don't think i am?

Edited September 3, 2018 by damascus1986

[Amigo]

9 minutes ago, damascus1986 said:

Two financial institutions transacting together agree to use a stable coin, central bank digital currency or other digital asset as the bridge asset between any two fiat currencies.”

Notably, IBM’s feature will support any cryptocurrency-not only Ripple XRP.

The Stellar community is super excited given that Stellar Lumens XLM will be used as the bridge currency, while Ripple users are afraid that financial organizations might opt for Blockchain World Wire rather than xRapid."

 

a bit contradictory? are we worried i don't think i am?

☝️

[scoobysi]

I have a nasty taste in my mouth but I confess I did increase the XLM proportion of my stack as a risk management if (Si shaves his tongue at the very thought) IBM/XLM did somehow surpass XRP et al.

I am now only holding 98.6% XRP sad times. lol

[damascus1986]

12 minutes ago, icebreath said:

It's old news

https://www-03.ibm.com/press/us/en/pressrelease/53290.wss

i thought it sounded familiar hahahha

[kev4022]

18 minutes ago, icebreath said:

It's old news

https://www-03.ibm.com/press/us/en/pressrelease/53290.wss

Taken from the article:

"The network is currently in use by Advanced Pacific Financial Infrastructure for Inclusion (APFII) members, a public-private partnership initially funded by the United Nations and SWIFT. It is expected to process up to 60 percent 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. Commercial banks such as Banco Bilbao Vizcaya Argentaria, Bank Danamon Indonesia, Bank Mandiri, Bank Negara Indonesia, Bank Permata, Bank Rakyat Indonesia, Kasikornbank Thailand, Mizuho Financial Group, National Australia Bank, Rizal Commercial Banking Corp. (RCBC) Philippines, Sumitomo Mitsui Financial Group, TD Bank, and Wizdraw (HK) of WorldCom Finance will be invited to join the network and help it expand in different parts of the world beginning in 2018."

 

Is this happening now?

[exodus3252]

10 minutes ago, kev4022 said:

Taken from the article:

"The network is currently in use by Advanced Pacific Financial Infrastructure for Inclusion (APFII) members, a public-private partnership initially funded by the United Nations and SWIFT. It is expected to process up to 60 percent 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. Commercial banks such as Banco Bilbao Vizcaya Argentaria, Bank Danamon Indonesia, Bank Mandiri, Bank Negara Indonesia, Bank Permata, Bank Rakyat Indonesia, Kasikornbank Thailand, Mizuho Financial Group, National Australia Bank, Rizal Commercial Banking Corp. (RCBC) Philippines, Sumitomo Mitsui Financial Group, TD Bank, and Wizdraw (HK) of WorldCom Finance will be invited to join the network and help it expand in different parts of the world beginning in 2018."

 

Is this happening now?

No idea, but probably unlikely if this tech is using XLM as a bridge asset. XLM's liquidity is only a fraction of XRP's, and XRP's liquidity isn't good enough to service large institutional customers yet. If that banking consortium has decided to move forward with that solution, then so far it's most likely not processing a large volume.

[ImTheRippler]

This is a stable coin, digital fiat, nostro/vostro, IE its ********.

[Lamberth]

Every time I work with an IBM product, I wish I didn’t. Statistically speaking, it is possible that this time they did something differently and it’ll be an innovative product. Well, let’s see, I guess..

Edited September 3, 2018 by Lamberth

[cryptoxrp]

‘A stable bank utility coin’ .... and with counterparty risk.... I wish IBM all the luck in The World. Because they’ll need it !!!

[Kpuff]

The article has an inherent biased as you read it you can tell the article is aimed directly at xrp and it's holders. With articles like this it's hard to take it seriously. But it does look like they are doing something also. So I wouldn't count them out completely. But the biased is a joke

[mandelbaum]

This is kind of old. The stable coin they are talking about is called Stronghold USD. I dont think this approach has the same appeal as Interledger Protocol. Ripple is throwing out a much wider net than Stellar and IBM. xRapid can also be used with different assetts. It's all about bridging and settlements, and XRP is beating all of them in both price and speed.

Edited September 3, 2018 by mandelbaum

[Guest]

2 hours ago, vrippled said:

https://www.coindoo.com/ibm-announces-blockchain-world-wire-will-it-compete-with-ripples-xrapid/

"International Business Machines (IBM) has released quite in the shadow “Blockchain World Wire” or what it describes “the new financial rail that can simultaneously clear and settle cross-border payments in near real-time”.

The tech giant IBM has silently developed “Blockchain World Wire“, a product that will definitely compete with Ripple’s xRapid...

International Business Machines (IBM) has released quite in the shadow “Blockchain World Wire” or what it describes “the new financial rail that can simultaneously clear and settle cross-border payments in near real-time”.

The tech giant IBM has silently developed “Blockchain World Wire“, a product that will definitely compete with Ripple’s xRapid.

Here are two schemes taken from IBM’s website, presenting how the new system is set to work:

The cross-border payments realized via Blockchain World Wire are based on Stellar protocol. The process respects the following steps:

“Two financial institutions transacting together agree to use a stable coin, central bank digital currency or other digital asset as the bridge asset between any two fiat currencies.”

“The institutions use their existing payment systems – seamlessly connected to World Wire’s APIs – to convert the first fiat currency into the digital asset.”

“World Wire then simultaneously converts the digital asset into the second fiat currency, completing the transaction.” (“All transaction details are recorded onto an immutable blockchain for clearing.”)

...Intentionally or not, Blockchain World Wire’s description seems to be quite similar to Ripple’s product known as xRapid. Notably, IBM’s feature will support any cryptocurrency-not only Ripple XRP.

The Stellar community is super excited given that Stellar Lumens XLM will be used as the bridge currency, while Ripple users are afraid that financial organizations might opt for Blockchain World Wire rather than xRapid."

Doesn't say XLM will be used, says stable coin, then central bank digital currency then other digital asset. XLM isn't even liquid in most major channels.

[Guest]

2 hours ago, vrippled said:

https://www.coindoo.com/ibm-announces-blockchain-world-wire-will-it-compete-with-ripples-xrapid/

"International Business Machines (IBM) has released quite in the shadow “Blockchain World Wire” or what it describes “the new financial rail that can simultaneously clear and settle cross-border payments in near real-time”.

The tech giant IBM has silently developed “Blockchain World Wire“, a product that will definitely compete with Ripple’s xRapid...

International Business Machines (IBM) has released quite in the shadow “Blockchain World Wire” or what it describes “the new financial rail that can simultaneously clear and settle cross-border payments in near real-time”.

The tech giant IBM has silently developed “Blockchain World Wire“, a product that will definitely compete with Ripple’s xRapid.

Here are two schemes taken from IBM’s website, presenting how the new system is set to work:

The cross-border payments realized via Blockchain World Wire are based on Stellar protocol. The process respects the following steps:

“Two financial institutions transacting together agree to use a stable coin, central bank digital currency or other digital asset as the bridge asset between any two fiat currencies.”

“The institutions use their existing payment systems – seamlessly connected to World Wire’s APIs – to convert the first fiat currency into the digital asset.”

“World Wire then simultaneously converts the digital asset into the second fiat currency, completing the transaction.” (“All transaction details are recorded onto an immutable blockchain for clearing.”)

...Intentionally or not, Blockchain World Wire’s description seems to be quite similar to Ripple’s product known as xRapid. Notably, IBM’s feature will support any cryptocurrency-not only Ripple XRP.

The Stellar community is super excited given that Stellar Lumens XLM will be used as the bridge currency, while Ripple users are afraid that financial organizations might opt for Blockchain World Wire rather than xRapid."

IBM is such a sh*t company though, literally 0 innovation, simply copying the rivals and trying a million things at the same time with blockchain because they have no focused strategy which is why they will fail in the end.