Blockchain Based Global Payment Network And A Web Browser From IBM.
IBM has launched a global blockchain network for cross-border
Blockchain technology is finding its application in many spheres. The latest being a patent filed by IBM for a blockchain-based web browser with applied cryptography. The application makes it the latest technology to find its way to popularity. It is a web browser backed by a peer-to-peer network. Tech giant IBM has chosen blockchain technology to gain the most revered and recent success in the IT industry. Blockchain is crossing all the limits to give a secure transaction gateway with digital signature encryption.
How does the browser work?
The browser collects all the browsing data from web browsing sessions, whether it be for work purposes or a personal browser. The collected information is passed to a peer-to-peer network of nodes for collection and storage. How the user browses determines the information collection. Different settings are provided for different kinds of browsing. The storable session information includes the website visited, bookmarks, geolocation, plugins installed and security patches if any.
IBM took to blockchain technology because of the safe and secure information storage that it is famous for made possible for cryptography. The browsing information is stored so that privacy is preserved and it remains with the user rather than a third party. Security measures include preventing browser attacks by providing a back up of the available user information.
The IBM Token.
An interesting feature added by IBM is the introduction of tokens that are capable of verifying user activities in the browser sessions. This is carried out when the information is packaged into blocks for the peer-to-peer network.
The finishing line
However, not just IBM has ventured into this field. Norwegian web browser Opera recently launched its iOS Opera Touch browser on similar lines. It has a built-in cryptocurrency wallet and successfully connects to all of the Web 3.0 applications including ER-20 tokens. Experts are keeping their fingers crossed and looking forward to more from blockchain technology backed by cryptography. As the developers work together to strengthen the platform more and more, blockchain technology has a long way to go. Of course, no one compromises security, and safety and privacy are what matters on the web.
IBM World Wire payment network
Another venture of IBM is the global payment network named World Wire. It supports cross border transactions and foreign exchange in more than 50 countries using cryptocurrency. It has joined the blockchain revolution without having to send money through intermediaries.
How does IBM Blockchain World Wire work?
Optimizing financial services like remittance, cross border payments and foreign exchange rank high in the hit list of world wire. It uses Stellar protocol to make network services possible for a point to point money transfer as against the old world banking systems. It is the first of its kind blockchain network that integrates payment messaging, clearing and settlement on a single platform. It gives users the liberty to choose from the digital assets of their interest. It helps the movement of currencies around the world without any regulatory controls and policies to pinpoint bad actors in the system.
The reach of World Wire
The network supports settlement through Stellar Lumens (XLM) in collaboration with Stronghold. More cryptocurrencies will be added depending on client demand and participant networks. Across the world, many countries have expressed interest in joining the network. Euro, Indonesian Rupiah, Philippine Peso, Korean Won and Brazilian Real are being added to the network currently. According to these financial institutions, World Wire offers tremendous opportunities to enhance the payment infrastructure.
How stable is the network?
Banks all over the world are eager to have their stable coins and are thought to be interested in the network to get forex transfers made pretty simple. Stellar backed operations made it possible to have thousands of transactions per second. More and more applications of the enterprise blockchain give an upstart for IBM World Wire in the private and permissioned space. But when the other public and permissioned network pose a competition, IBM is scrutinizing their rightful place to issue tokens and to attain scalability.
Are the applications of IBM World Wire limited?
As of now, the main intention behind the application is to make the money movement more liquid. Keeping in mind that more and more rivals are heading to the finishing line, the race is competitive. Blockchain technology and its applications are surging ahead making it the best of the lot. If it’s the Stellar cryptocurrency now, then we can expect a more robust rival making the scenario competitive.