IBM’s Blockchain World Wire (BWW) project uses Stellar’s cryptocurrency platform to create a global payment system that links banks and businesses across 72 countries. It aims to compete directly with Ripple and legacy global payment systems like SWIFT. BWW’s ambitious roadmap requires creating stablecoins linked to as many as 47 ﬁat currencies. And now, Brazil’s Banco Bradesco, South Korea’s Bank Busan, and the Philippines’ Rizal Commercial Banking Corporation have joined forces to create stablecoins linked to the Brazilian real, South Korean won and Philippine peso. This is very diﬀerent from JPMorgan’s stablecoin. The JPM Coin lives only within its own closed crypto platform. It’s walled oﬀ from the rest of the crypto universe. In contrast, BWW’s leveraging the power of Stellar — arguably the world’s most advanced public, distributed ledger for this particular application. By using a true open, public network, companies can eﬀectively achieve the same type of thing that made the internet such a disruptive, world-changing force. But when they keep it all to themselves, they risk winding up in …
What BWW means for Stellar
When we last revisited Stellar, we gave it high marks for its advanced technology that is almost ideally suited to setting up payment networks. Unlike XRP, which created a central authority to increase processing speed, Stellar settles transactions almost instantaneously while still retaining a high level of decentralization. At the same time, however, Stellar lost points for lagging far behind XRP, its chief competitor, in terms of adoption. This may be now be changing, as BWW pushes ahead. We will certainly expect to have much more to say about both in future issues.
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