Jesse Lund, VP of Blockchain & Digital Currencies at IBM, spoke about the company’s launch of IBM Blockchain World Wire in 72 countries and in 47 currencies, during the Money 20/20 summit. At the event, he spoke about what the development meant for financial services, and also IBM’s future trends.
The World Wire broke out yesterday, with a majority of people paying close attention to Stellar Lumens [XLM], the eighth largest cryptocurrency. This was because the cryptocurrency will soon be used for real-time transaction settlement, along with the US dollar.
Jesse Lund said,
“What it means is that IBM is open for business when it comes to payments. And I think as an industry that means you have an 108 year old company that really knows how to run systems with presence in 170 countries around the world. So, we’re here to help change the landscape of payments and financial services.”
This was followed by Lund discussing whether he was bullish on the impact of blockchain technology on the financial services industry. He stated that he was “very bullish,” adding that this was just the beginning. He further stated that the industry was “at the tipping point” of a total transformation of financial services.
“We’ve seen disruption in other industries, retail for example. This is just a beginning of disruption in the most positive sense for banking and for an financial services”
Furthermore, he also spoke about future trends for IBM, in terms of disruption. He stated that banking and financial services are IBM’s largest client segment around the world. He added that this is the firm’s biggest revenue portion, which sums up to around 40 percent globally. He said,
“what we want to do is not compete with our clients but help them to actually make that transformation into the future. And we think the future is focused on the digitization of real-world assets the ability to make money move without friction to make money move as fast as information like as fast as emails move today and so we’re just at that very beginning point”