IBM pays more attention to the study of cryptocurrencies

The representative of IBM spoke about the negotiations with heads of trading platforms, major corporations and Central banks, the purpose of which is to understand how cryptocurrency can reduce operating costs and increase profit.

«We see great demand for the production of digital assets in different areas,» said the new head of development of blockchain IBM Jesse Lund (Jesse Lund), who earlier this year left the Bank Wells Fargo to help the technology giant to create a cryptocurrency strategy.

At the moment, this work mainly focuses on the use of open platform and its Stellar cryptocurrency lumens (XLM) in the framework of cooperation, which began in October last year. However, Lund also notes that IBM is interested in expanding business applications for cryptocurrencies in different areas.

Work with the Central banks

Lund noted that last year met with representatives of over 20 Central banks, studying the potential benefits of issuing its own cryptocurrency on the blockchain. In particular, he described «the most durable digital asset» as one that is «issued by the Central Bank and provided anything real world», but is «part of monetary policy.»

Though Lund did not detail the names of most Central banks, whom he met, he noted that for the most part these are the main financial institutions of G-20 countries. He also said that most of all he was inspired by the views of the Swedish Central Bank — Riksbank.

Lund said that most likely one of the Central banks with which it communicated, may issue its own cryptocurrency this year in the test format.

Not only cryptocurrency

The IBM assets on the basis of the blockchain beyond the interest in the crypto currency Central banks. Using the same technology that allows you to increase the number of startups choosing to conduct ICO Stellar platform, IBM is exploring a wide range of other tokens.

IBM divides the tokens into three types: tokens-shares that give owners the right to share in the company; tool tokens that give users access to the service; and commodity tokens that are provided by precious metals and other physical assets.

Besides the obvious potential interest in the work of the commodity exchanges, Lund said that IBM treated and retailers, suppliers of goods and energy companies seeking to tokenservice different areas of their business proposals.

Still working with IBM on digital currencies were largely confined to the Stellar network and cryptocurrency lumen. The company manages
nine Stellar nodes, which help to confirm transactions in different countries, such as Australia, Brazil, Hong Kong and the United States. However, in the future, IBM is open to working with other blockchains. According to Lund, the company plans to collaborate with Sovrin Foundation, which has made significant contributions to the original codebase Hyperledger Indy and is now preparing to release of a digital asset in the framework of the ICO.

In January, IBM Research published a detailed White paper that describes their work on the application of the transaction model used by Bitcoin, the underlying code of the network Hyperledger Fabric. The project «Fabric Coin», created for purely experimental purposes, to help to compare the transaction throughput of managed and open blockchain, has led to improvements that were included in release 1.1 Hyperledger Fabric.

In this regard, Lund expects further joint business opportunities open and closed the block chain will continue to evolve.

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