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Laxman Pai, Opalesque Asia: The tech giant International Business Machines (IBM) has silently developed 'Blockchain World Wire' (BWW), a product that is set to compete with Ripple's xRapid.
According to a post on IBM's website, it describes BWW as "the new financial rail that can simultaneously clear and settle cross-border payments in near real-time".
The cross-border payments realized via BWW are based on Stellar protocol.
According to IBM, BWW boasts several comparative advantages over traditional payment options, such as: reduced processing time, small taxes, a high level of efficiency and no volume, type, and destination limits.
Coincidentally (or not), BWW'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.
There was no official press release from IBM's or Stellar Development Foundation. The Twitter account has no mention of this product. So, it seems like the two parties are working together, but the product is not ready for launch yet. Also, on its website, IBM does not provide much in the way of technical details other than revealing that it uses technology from Stellar.
"IBM is transforming cross-border payments with IBM BWW, the integrated network for real-time clearing and settlement. This new global financial rail allows banks and financial institutions to send and settle payments around the globe with finality in...................... To view our full article Click here
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