Jesse Lund, the head of the blockchain division at tech giant company IBM, claimed that the company is the leader in blockchain technology while in an interview so we decided to find out more in today’s blockchain news.
Lund stated in the interview:
‘’What IBM’s been doing as the leader in blockchain technology for the last three years is adding security and confidence to the system.’’
Lund was talking about the cross-border payment solution of IBM which uses the Stellar Lumens network for settlement and explained how one of the most popular and oldest companies in the world aims to revolutionize the remittance market. The products which aim to be introduced to the public are challenging Ripple’s xRapid products but in order for a harmonious system to be created, all of the products will have to cooperate. He continued explaining:
‘’We’re building on a new idea, which is to be able to store monetary value electronically and be able to move that value around the world in real time… I think the problem with cross-border payments today, the inefficiencies are based on the fact that the way that banks communicate, the network that banks communicate on is separate from the network or the rails that money actually moves on. And those things are distinct and they require a lot of coordination and reconciliation after the fact.’’
Lund also talked about the SWIFT platform saying that it works similarly to a messaging platform and they aim to create a similar product as well based on the SWIFT standards. He said:
‘’ISO standards that have come out of SWIFT are inherently part of the platform. We’re trying to help banks optimize the way that they service their customers.’’
IBM’s blockchain division has a close eye in multiple industries in order to follow what the role of blockchain technology can become in the near future. Since the company sold off its hardware-based business, IBM decided to try in the field of intellectual property. A couple of years ago, IBM didn’t think it would be calling itself the leader in Blockchain technology because they still haven’t innovated much in this field.
It’s debatable whether IBM will really become a leader in blockchain technology because it has such high competition such as Samsung and Huawei but IBM has open source developers who are working hard to contribute to pool of blockchain projects.