Jesse Lund, the Head of Blockchain Solutions and Financial Services was in an AMA with the r/btc community on Reddit. He clarified many doubts the community had about IBM’s blockchain and its involvement with cryptocurrencies.
When asked about whether IBM had any plans of implementing Bitcoin [BTC] or Bitcoin Cash [BCH] in its blockchain, Lund specified that even though Bitcoin is the catalyst that launched the blockchain industry, IBM had no specific plans to use Bitcoin in its blockchain. He went on to mention that a lot of IBM’s clients are showing interest in developing cryptocurrency exchanges, saying:
“We have a lot of interesting activities with some of our clients in financial services, clients names that you would have heard before who are moving toward interest in developing cryptocurrency exchanges because their clients are starting to ask for it.”
On the role of cryptocurrencies in the IBM blockchain, Lund clarified that they play a very vital role in the project. He did mention that there are a lot of distinctions to be made within the ‘cryptocurrency’ label. He emphasized the significance of cryptocurrencies in general, saying:
“We see the digitization of real-world assets that live on the same network or on interoperable networks so that assets can be exchanged and swapped together more in real time.”
On the distinction between the significance of permission blockchains as opposed to public blockchains, Lund clarified that public and private blockchains exist on a spectrum.
He spoke about the necessity of public blockchains for the proliferation of digital assets and their ability to drive real economic value through a digital tokenized of the real world underlying asset. Private blockchains are important for use by financial institutions, he said, going on to say:
“…several or many central banks around the world who have an affinity might want to create a network using blockchain that is private to them.”
When asked about the application of cryptocurrencies in the IBM blockchain, Lund clarified that they had already integrated XLM into their universal payments solution that they introduced last October. He said:
“It [XLM] provides a bridge asset that facilitates real-time foreign exchange between two fiat currencies which is part of a universal payments solution that we introduced last October and were continuing to prepare for more broader use and adoption.”
Note: This is part 1 of a 3-part series on Jesse Lund’s AMA
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