Jesse Lund, Vice President of IBM Blockchain, explains how World Wire will solve the problem of global payments and why IBM chose to build it on the Stellar network.
Seema Phalke (Lead Developer, IBM World Wire) talks about her experience developing World Wire on the Stellar network.
IBM is using the Stellar protocol to facilitate financial institution clearing and settlements of cross-border payments in seconds.
The idea is to integrate messaging, clearing and settlements together on one blockchain to simultaneously clear and settle cross-border payments in near real-time.
Jed McCaleb is the CTO of the Stellar network. He states that Stellar was inspired by Bitcoin and in a lot of ways is complementary to it.
McCaleb notes that Bitcoin is focused more on the currency aspect of things, whereas Stellar is focused on how to make a common language between different financial institutions and currencies.
It would make Bitcoin interoperable with dollars or Euros or Pesos and many others and all these currencies can be easily traded with each other.
In other words, Stellar is a blockchain that enables users to send money to anyone in the world, for fractions of a penny, instantly, and in any currency.