Fortune 500 Tech company has over 80 blockchain patents; No. 2 on the list
Just when you thought you could believe everything you hear on the Bloomberg or CNBC news about all things tech and finance... it changes drastically. We have been following the top tech companies in the world and not to our surprise one of the leading tech companies in Asia has been doing the most research on blockchain technology and creating strategic partnerships with the likes of The Linux Foundation to give coders and developers a place to experiment with new technology before it goes live for companies looking to take the lead across the globe. Nothing like a "sand box" to play tech games. This is the stuff science-fiction is made of... but it is here and taking us to the next level. Efficient cross border payments on the horizon. Let's see what's the latest is with International Business Machines aka IBM.
IBM Corp. just made a significant stride into the multitrillion-dollar cross-border payments industry - and it's using blockchain to an industry that McKinsey expects will reach over $2 trillion by 2020. IBM has been quietly working on the beta version of its Blockchain World Wire cross-border crypto payment system since October. Now, it's released it into the wild. Using Stellar Lumens (XLM) [Now this is interesting...:-)] as its blockchain protocol, IBM's new product will allow users to settle and clear cross-border payments in real time. The beauty of IBM and Stellar's platform is that it's designed to eliminate the need for intermediary banks that add time, costs, and complexity to these cross-border transfers. Now, everything is digitized and then sent over a distributed network. Along the way, it allows for simultaneous clearing and settlement, which speeds up payment processing, reduces costs, increases efficiency by only charging one exchange fee between all currencies, and supports payments of any size, in any asset type, to any destination. With World Wire, users can exchange paper money into a digital asset at bank A, and then send it to bank B, where it's converted back to paper currency. According to IBM, "All transactions are recorded onto an immutable blockchain for clearing." Stellar is one of our four "Penny Crypto" picks. In July, it soared 48%, making it the biggest gainer among the top 25 cryptos tracked by CoinDesk. We've been following this project since March, when we ran into Stellar's crypto-legend founder, Jed McCaleb. So it's nice to see Stellar and IBM following through on their plan to build out a cross-border payments system using blockchain technology. And building out the technology for this new project helped push IBM one step closer toward the top spot on the list of global entities with the most blockchain-related patents. That list, which came out Aug. 31, puts IBM second, with 89 patents. Right behind Bank of America with the most patents filed for distributed ledger technology.
Today, blockchain patenting is more common than ever. In 2017, financial institutions like Bank of America, Mastercard, and Fidelity dominated blockchain patent filings. Tech companies like IBM and Coinbase also acquired significant intellectual property. (Need to explore more on Coinbase)
For more information on blockchain patent filings please see the following article:
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