IBM Blockchain World Wire news

World latest news

The New IBM Blockchain World Wire Is Not Really a Threat to Ripple and XRP, Here’s Why

So far, Ripple has been ahead in the provision of remittance services in the cryptocurrency industry with XRP as its token. This is a fact that is indisputable and while some people may not be comfortable with its progress, it really is the lead. Even when things turn out rough at times, the project keeps gliding along and somehow is always able to survive. Many years have come and gone and Ripple still hasn’t been toppled by another cryptocurrency despite the emergence of several projects with a focus similar to its own. At every point when a similar project emerges, there have been speculations that such project would overtake Ripple. For instance, SWIFT which has existed for so long was thought to crumble Ripple’s business when it sets out. However, for some reasons (outdated technology being chief), this has not become a reality because blockchain technology which Ripple and XRP operate on is more advanced, cost-effective and efficient than what SWIFT has. Ironically, SWIFT ended up upgrading to stay in competition with Ripple. Then came Stablecoins which were thought to be XRP killers as well. It is not clear though why someone would imagine that stablecoins will outperform Ripple. Yes, it provides an alternative to traditional cryptocurrencies with very high volatility but that’s about it. Ripple, on the other hand, facilitates payments for financial institutions using XRP for liquidity. Anyways the short story is that stablecoins have not hurt Ripple a bit and may never do so because there is no ground for competition to start with. JPM Coin which came on board lately was also considered to be a potential threat to Ripple. JP Morgan coin admittedly is to be used for payments similar to what Ripple does, with JPM’s existing customer base of millions of users set to adopt it. JPM Coin so far hasn’t really posed a threat to Ripple as far as remittance services are concerned. In fact, it is not likely to as many experts have said it is not such a great cryptocurrency so how can it possibly compete with the third largest cryptocurrency? IBM just launched a blockchain-based cross-border payment solution. This really seems like a potentially formidable competition for Ripple and XRP because this one will be offering real-time payment for financial institutions just the way Ripple does and yes, Stellar’s XLM will be used for the payments, making it a partial threat at this point mainly because Stellar is arguably one of the best in cross-border payments. It is too early to tell if this will outperform Ripple and XRP though but the chances are moderate. Nevertheless, Ripple already has an established customer base that is not likely to be taken away so it probably has its own place secured and IBM may not achieve that pace yet. The post The New IBM Blockchain World Wire Is Not Really a Threat to Ripple and XRP, Here’s Why appeared first on ZyCrypto.
ZyCrypto

‘The IBM Blockchain World Wire will be a paradigm shift for the payments ecosystem’, says IBM Head of Blockchain Solutions

Cryptocurrency companies have worked with the focus of transferring the benefits of digital assets and blockchain technologies into institutional bodies for a better working ecosystem. This was made evident with the introduction of the IBM Blockchain World Wire, a blockchain based network created by the technology giant to make cross border transactions more feasible. In a video by IBM, Jesse Lund, the Head of Blockchain Solutions at the company, spoke about the benefits of the World Wire and what it means in terms of a global payments scale. Lund stated that over the last twenty years, just like how the internet brought people and services together, IBM plans to do the same with cross border payments and financial institutions. He admitted that the financial infrastructure has not changed for the last 50 years and that global users expect the technology to catch up with other global developments. Lund went on to say: “The problem with global payments is that they are slow due to the friction generated by different intermediaries. This affects the end user significantly because in the end all they require is the money to reach them. This becomes even more profound for businesses who want to manage their cash flow.” The IBM official said that the tipping point in terms of technology is coming and that the introduction of blockchain technology changes the dynamic of the financial industry. Lund claimed that the IBM Blockchain World Wire will remove the intermediaries, reduce friction and lower the transaction cost and time. He further added that the novelty of IBM’s new initiative lies in the fact that payment instructions and the actual money moved together as a sequenced set of data. The Blockchain Solutions Head also said: “We hope to see a global financial network that will facilitate moving money from anywhere to anywhere and that is one of the most exciting concepts that we can work with right now. Just like the internet was a paradigm shift, the introduction of the World Wire is aimed to conduct the next paradigm shift in the world of finance.” IBM’s World Wire grabbed headlines on March 19, with plans to launch in more than 72 countries. During the launch, Jesse Lund had stated: “IBM is announcing that it is open for business in payments was support for 72 countries, 47 distinct currencies and 44 unique banking endpoints and a wide range of pay in and pay out locations around the world.” The post ‘The IBM Blockchain World Wire will be a paradigm shift for the payments ecosystem’, says IBM Head of Blockchain Solutions appeared first on AMBCrypto.
AMBCrypto

IBM Blockchain World Wire Launches in 72 Countries

Today, International Business Machines Corporation (IBM) announced the launch of IBM Blockchain World Wire in a large selection of markets.  IBM Blockchain World Wire is “a real-time global payments network for regulated financial institutions” from the American multinational information technology company. It has been created with the purpose of optimizing and quickening foreign exchange, cross-border payments, and remittances — which has long been one of blockchain technology’s promises. As of this writing, IBM Blockchain World Wire has officially launched payment services in 72 countries with 47 currencies and 44 banking endpoints. Notably, IBM’s blockchain is reportedly the first such implementation to integrate payment messaging, clearing, and settlement “while allowing participants to dynamically choose from a variety of digital assets for settlement.” Stated IBM Blockchain General Manager Marie Wieck: We’ve created a new type of payment network designed to accelerate remittances and transform cross-border payments to facilitate the movement of money in countries that need it most. By creating a network where financial institutions support multiple digital assets, we expect to spur innovation and improve financial inclusion worldwide. IBM Blockchain World Wire notably uses the Stellar (XLM) protocol to facilitate point-to-point money transfers. Because it is a blockchain-based protocol, the need for intermediaries is drastically reduced and transactions may be settled in a matter of seconds. Luiz Carlos Brandao Cavalcanti Junior, Innovation and Digital Channels Executive Director at Banco Bradesco, commented: Bradesco continuously adopts innovation that enhances customer experience and improves efficiency. The World Wire Network addresses both of these aspects, and therefore presents a valuable opportunity for Bradesco and its customers in Brazil. Likewise, Manny T. Narcisco, First Senior Vice-President at RCBC, stated: RCBC is pleased to be an early innovator with plans to issue our own Peso stable coin on World Wire, pending final approval from our regulators. We’re focused on innovation that adds value for our customers, and World Wire presents a tremendous opportunity to transform and enhance our payment infrastructure. What do you think of IBM Blockchain World Wire? Let us know your thoughts in the comments below!  Images courtesy of Shutterstock. The post IBM Blockchain World Wire Launches in 72 Countries appeared first on Bitcoinist.com.
Bitcoinist
More news sources

IBM Blockchain World Wire news by Finrazor

Trending

Hot news

Hot world news

CFTC Chairman: commodity can become security and vice versa

Commodity Futures Trading Commission (CFTC) chairman Heath Tarbet confirmed that a security can turn into a commodity and vice versa.  Tarbet made this remark on Monday at DC Fintech Week, when asked about a comment he made earlier this month that ether is not a commodity. At the conference, Tarbet emphasized that the Securities and Exchange Commission (SEC) is the entity that determines when something is a security, while the definition of commodities, which fall under the CFTC's jurisdiction, is broader.   Meanwhile, the SEC has dealt out a string of crackdowns on initial coin offerings (ICOs) of tokens that it deems as securities.   Earlier this month, the regulator filed an emergency action against Telegram and TON Issuer for failing to register the sale of their Gram tokens, which the SEC regarded as securities. This filing follows a settlement between the SEC and Block.one, the firm behind the EOS blockchain, for conducting an unregistered ICO. 
The Block Crypto

Bitcoin Mining Moves to Texas, Bitmain Announces Partner for Massive New Facility

The Bitcoin mining giant Bitmain has just announced that it will work with a Canadian startup to help create a facility with potentially 300MW of power in Texas. DMG Blockchain Solutions Inc. will be providing the Chinese firm with project management services. The news comes less than a week after a different startup announced its intentions to also bring Bitcoin mining to Texas. Layer 1 aims to create an all-in-house mining facility and has received funding of $50 million to help it achieve this. Another Massive Mining Operation for Texas According to a press release, Bitmain has partnered with a Canadian startup to help it create a massive mining facility in Texas. The Chinese hardware manufacturer will be working with DMG Blockchain Solutions Inc. – a self-described “diversified blockchain and technology company.” DMG states that it was chosen following an extensive selection process. Bitmain initially started construction of a 25MW mining farm on a 33,000 acre site in Rockdale, Texas, last year. The firm has now announced that it will be at least doubling its size with the help of DMG. The site will be powered with electricity sourced from the Electric Reliability Council of Texas (ERCOT). The CEO of DMG, Dan Reitzik, stated the following of the deal between the two companies: “Being chosen by the world’s leading bitcoin mining company is a great testament to the capabilities of DMG’s mining team. Over the past several months, Bitmain visited many large facilities throughout North America including DMG’s flagship facility in British Columbia, Canada.” The release says that there is currently 50MW of power available for the planned Texas site. There is also the potential to increase this to 300MW. This would make it one of the largest Bitcoin mining facilities on the planet. DMG says that it will be handling management of the new facility but will not be adding to the funding of the project. Sheldon Bennett, COO of DMG, commented on the firm’s suitability for its new management position: “Having led large projects in Alberta and recently completing DMG’s 60MW facility, this 300MW facility is an exciting opportunity for DMG to truly demonstrate economies of scale. While the task of managing what we believe will be the world’s largest bitcoin data centre is daunting, we are confident that together with Bitmain, we will complete on time and on budget.” Don’t Bitcoin Miners Like the Cold? The news follows the recent announcement by another Bitcoin-focused startup. Layer 1, launched in 2018, originally positioned itself as an “activist fund for cryptocurrencies.” However, last week the firm announced that it had just completed a $50 million funding round. Amongst those backing the venture is US entrepreneur Peter Thiel. Layer 1’s plan is to perform almost all tasks relevant to the operation of a Bitcoin mining facility itself. This not only means manufacturing the chips but also creating a power substation and developing advanced cooling methods to deal with the intense Texas heat. Typically, Bitcoin miners have preferred cooler climates for their operations. This allows them to save money on systems systems needed to cool hundreds if not thousands of powerful computer systems working day and night in the same space. Bitmain’s Rockdale Lead Project Manager, Clinton Brown, explained why firms were starting to turn to Texas for Bitcoin mining: “We are excited to launch this facility, which is significant to Bitmain’s global expansion plans. The stable and efficient energy resources in Texas are fundamental to the inevitable scale of growth for the cryptocurrency mining industry.”   Related Reading: Russian Scientists Fined for Mining Bitcoin on Hijacked Supercomputer Featured Image from Shutterstock. Bitcoin Mining Moves to Texas, Bitmain Announces Partner for Massive New Facility was last modified: October 21st, 2019 by Rick D.The post Bitcoin Mining Moves to Texas, Bitmain Announces Partner for Massive New Facility appeared first on NewsBTC.
NewsBTC

Bitmain’s Jihan Wu Talks Mining and Industry Growth With Bitcoin.com’s CEO

At the World Digital Mining Summit in Frankfurt, Germany, Bitcoin.com’s CEO Stefan Rust sat down with Jihan Wu, cofounder of Bitmain Technologies and Matrixport. The two discussed how cryptocurrencies being used for payments is spreading and how Bitmain is doing after the bear market last year. Also read: SEC Wants Second Look at Bitwise Bitcoin ETF Proposal A Virtual Economy at Work Approaching Critical Mass The World Digital Mining Summit (WDMS) is a two-day mining conference that hosts an assembly of industry leaders, mining rig manufacturers, cryptocurrency pool operators, and other individuals passionate about crypto. During the event, Bitcoin.com’s CEO, Stefan Rust, had the privilege of sitting down with Bitmain cofounder Jihan Wu and discussed a wide variety of subjects. At first, Wu explained how he got into Bitcoin and that while working for an investment firm, he happened to read something about Bitcoin and found it “really interesting at that time.” After looking into it for two days straight he decided that bitcoin was a good idea. Wu was actually the first person to translate Satoshi’s Bitcoin white paper into Chinese for residents living in the region. “I was the first one to translate the [white paper]. At that time in the Chinese media said Bitcoin was either a scam or it does not work,” Wu explained to Rust. “I happened to understand economics and some high-level principles of computer science so I knew [Bitcoin] works in both economic ways and in computer science ways. So I translated the white paper and tried to get more positive feedback from Chinese social media.” While recalling his old QT wallet, Wu emphasized that it’s been an amazing journey. “I still remember back then no one knew about bitcoin and right now there are 20 million or 40 million users around the world and almost everyone now more or less have heard about bitcoin — I believe there are actual users getting involved in the cryptocurrency economy and those [individuals] are really starting to use cryptocurrencies for payments. A way to store their cash account — I believe this kind of user base will increase more and more.” Wu continued: This is a virtual economy at work and it’s quite difficult in the beginning but I think we are almost near critical mass. The Bitmain cofounder remarked that he believes the 40 million crypto users globally had initially stemmed from investor types, but nowadays he sees more ordinary people joining the economy and “especially young people.” “[Individuals] are really pushing cryptocurrency into the local payment network and people start to use it,” Wu said. Rust also brought up spending bitcoin cash (BCH) in Slovenia where there are hundreds of merchants that accept digital assets for products and services. “Lots of people still today believe [Bitcoin] is undoable or it’s out of their imagination how cryptocurrency can be really adopted by real life use cases,” Wu replied. “I think it’s a miracle, I think it’s amazing and lots of miracles are happening nowadays.” Bitmain Continues to Produce Next Generation Mining Rigs and Chips After discussing cryptocurrency adoption, Wu also explained how Bitmain was doing this year. “After the bottom of the bearish trend last year we’ve seen a very fast recovery in the money industry and we can see the hashrate growing very fast. Bitmain’s sales volume increased a lot and we released a new generation of mining rigs and mining chips.” Wu detailed that the company also released new artificial intelligence (AI) chips. He further explained that Bitmain’s mining pools mined different cryptocurrencies and remain top-ranking mining pools. Wu stressed: It’s a good year for Bitmain. Additionally, Rust and Wu talked about regulations in China and how roughly 60% of the world’s hashpower is located in the country. The two executives discussed the possibility of China banning bitcoin mining and how the Chinese government is dealing with oversight. The Bitmain cofounder and Bitcoin.com CEO conversed about a slew of other subjects like the ecological impact of bitcoin mining, the reward halving, and a lot more insights from someone who’s seen the cryptocurrency mining industry grow immensely, first hand. If you want to check out our exclusive interview with Bitmain’s Jihan Wu, check out the video below. What do you think about Jihan Wu’s perspective of the mining industry and cryptocurrency ecosystem? Let us know what you think about the interview in the comments section below. Image credits: Bitcoin.com. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Bitmain’s Jihan Wu Talks Mining and Industry Growth With Bitcoin.com’s CEO appeared first on Bitcoin News.
Bitcoin News

BANK OF AMERICA: Companies are crushing earnings season so far — but the firms missing forecasts are being punished more than usual (BAC)

Third-quarter earnings season is a couple weeks underway, and Bank of America Merrill Lynch analysts found that companies that missed sales and profit expectations are getting hit more than usual in next-day trading. The companies that fell short of expectations for revenue and earnings underperformed the S&P 500 by 3.9 percentage points, the analysts found, compared to the 2.4 percentage point historical average. The worse-than-usual performance by such companies suggests investors may not be confident enough in long-term outlooks to forgive third-quarter performance, Bank of America said. Visit the Business Insider homepage for more stories. Third-quarter earnings season is underway, and the performance of 75 S&P 500 companies to already report brings fresh insight into investors' economic outlook. Of the companies to report, 43% have beaten analyst expectations for both revenue and earnings, according to Bank of America Merrill Lynch analysts. The figure lands slightly above the second-quarter average of 41% and the year-ago average of 40%. Yet the companies that missed analyst estimates in both categories were clobbered more than usual in public trading, underperforming the S&P 500 by 3.9 percentage points in next-day trading, the analysts found. Historically, companies underperform the index by 2.4 percentage points when they miss sales and earnings estimates. Read more: Goldman Sachs says these 5 trades can help investors make a killing during a crucial earnings season The companies beating both estimates outperformed the index by 1.6 percentage points, falling in line with the historical average. The worse-than-usual punishment could reflect a lack of long-term confidence among traders, with third-quarter misses signaling a prolonged downturn. The analysts also found mentions of words like "better" or "stronger" against "weaker" or "worse" hitting the lowest gap since 2009, which could be a result of continued trade tensions and souring global economic outlook. Earnings of the 75 companies to report were 2% above consensus estimates, with healthcare and consumer discretionary companies delivering strong beats. Banks performed in line with estimates despite macroeconomic indicators warning otherwise and recent Fed rate cuts squeezing profit margins. The current trends are subject to change, especially with 36% of S&P firms slated to report their third-quarter earnings in the week starting Monday. Mega-cap stocks like Microsoft and Amazon will announce their latest figures, and more than half of communication services and energy companies will report as well. Now read more markets coverage from Markets Insider and Business Insider: Wall Street is sounding the alarm as a key source of stock-market buying evaporates The Fed's $60 billion monthly cash injections aren't enough to solve recent money-market stresses, JPMorgan says Billionaire Howard Marks gives his best advice for navigating an anomalous market where 30% of the world's debt has a negative yieldJoin the conversation about this story » NOW WATCH: A 45-year-long study discovered trends in successful hyper-intelligent children
Business Insider
By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.