IBM Dips Its Toes In The Financial Sector With Its Blockchain Platform

By Dmitriy

BTC Wires: IBM hasn’t been a newbie when it comes to the development technology. However, recently the multi-national company has decided to play it in the financial sector. It was only October 2017 when the giant company started with the testing of some applications with the use of the Stellar Platform.

However, IBM is now looking to expand its business in the cryptocurrency section application in many ways. Also, the company spoke out to CoinDesk saying that they would be having a meeting with the big businesses, trading platforms and the central banking sectors so that it could explore the possibilities of how such cryptocurrencies can help them save money and also help them generate a lot of revenue.

Thinking of a reason why IBM would love to throw its hat into the ring? The only reason that played the major role is DEMAND. In fact, the head of the Blockchain development of IBM, Jesse Lund, said that they were having a huge demand in the field of digital issuance of assets across the entire board. He was even hired by Wells Fargo in early 2018 to help develop and streamline their strategies in this field.

According to Mr. Lund, IBM is looking into the demands of three types of tokens mainly, which are Security Tokens, Utility Tokens, Commodities Tokens. The company also mentions that they have had talks with the Central Banks about how they could use such cryptocurrencies in the blockchain technology. However, this development is still far fetched as of now.

And if the idea of using the cryptocurrencies with blockchain comes to reality, certain experiments of several institutions and banks would be successful. In common terms, blockchain is like any ethereum or bitcoin, which are permission-less and anyone can use the provided network. However, a Permissioned Blockchain would require approval before anyone is allowed to participate in the given network.