IBM may contribute to Facebook blockchain project

Sep 27, 2019


IBM is willing to team up with Facebook to develop blockchain technology, said a technology giant executive, explaining that developing the blockchain ecosystem is "a team sport."

"Our customers are ready to work with Facebook and we are ready to work with all of them to put them on the same page," Jason Kelley, IBM blockchain general manager, said in an interview with CNBC.

Kelley said a Facebook-sized company helps bring more legitimacy to blockchain technology. However, he did not mention whether IBM was interested in joining Facebook's stablecoin consortium, the Libra Association.

Facebook's Pound could be the key to IBM achieving its ambitions to apply its blockchain technology to the financial services industry, as Coindesk shows.

IBM focused on developing its Stellar blockchain patent to facilitate cross-border payments and launched World Wire, an international payment system that uses Stellar.

World Wire aims to bypass banking intermediaries that add complexity and cost to international payment systems by replacing them with digital assets sent over a distributed network.

Coin-backed stablecoins are seen as one of the best digital assets to replace traditional banking intermediaries with many market enthusiasts.

In March, IBM announced that six international banks had signed letters of intent to issue stablecoins, or currency-backed tokens, including Banco Bradesco do Brasil and Bank Busan from South Korea, based on Stellar's XLM token.

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