The details and directions of IBM’s ongoing blockchain and cryptocurrency projects are outlined.
Jesse Lund, head of IBM’s Blockchain & Digital Currencies, said on Monday (January 31) that IBM’s cooperation with the central bank, the cryptocurrency business plan, and the use of stellar outside blockchains. Jess Lund, a financial services company from Wells Fargo, was hired earlier this year to develop IBM’s blockchain strategy.
Cooperation With The Central Banks
“We have been in touch with a number of trading platforms, large companies and more than 20 central bank executives who are looking for new opportunities through cryptocurrency, and we have seen a lot of interest and demand for cryptocurrencies,” He said.
“If the central bank is able to maintain its existing form of monetary policy, it will be the most stable digital asset if it issues a cryptocurrency,” said Jess Lund.
He did not specify the central bank that discussed the issue of a cryptocurrency but explained it was a large G20 central bank.
“The most impressive bank is Sweden’s Riksbank,” he said.
In December, Riksbank did not mention blockchain or cryptocurrency directly but issued a white paper detailing the move to cash in digital platforms. “This year, the central bank will issue legal currency in digital form,” Lund said, citing expectations of the central bank’s use of cryptocurrency.
Cryptocurrency Business Plan
“Several vendors, beverage suppliers, and energy companies that want tokenization are interested in IBM,” he said.
“IBM’s blockchain and cryptocurrency development will not be limited to central bank cryptocurrency.”
Lund chose to divide the token demand that IBM is paying attention to three types. A security token that gives the issuer’s stock, a utility token that gives the user access to the service, or a commodity token that replaces the noble metal or real asset. There is also a need for start-up tokens to secure funds, but he said, “We want to cooperate with companies of a larger size.”
Stellar Lumens Blockchain And Others
IBM has partnered with the Stellar Foundation in September and has used Stellar’s public platform and cryptocurrency (lumens). IBM has nine stellar nodes in Australia, Brazil, Hong Kong, and the United States for trading.
Lund, meanwhile, has also opened up the possibility of working with Stellar outside the blockchain, saying that IBM is “considering expanding its business with multiple block chains.” IBM is in the early days of working with the Sovrin Foundation.
IBM is also working on a project for a private blockchain. In January, IBM introduced a project to apply a bitcoin-based trading model to hyper-fabric-based chain code through a white paper. Improvements to the Fabric Coin, designed for experimental purposes to compare transactions between public and private blockchains, were included in the Hyper Leisure Fabric 1.1 released earlier this month. Lund stated-
“We will see more of the public blockchain that a particular company or individual cannot interfere with, and the private blockchain that has limited access, and the end of the spectrum, We are looking forward to an opportunity”
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