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Following the announcement by IBM that they would be partnering with Blockchain company Stellar for their remittance payment system called World Wire, IBM Blockchain Vice President Jesse Lund, explains how World Wire will solve the problem of global payments and why IBM chose to build it on the Stellar network.
In a recent Youtube video, Lund talks about the fact that 2 billion people in the world do not have access to financial services, calling this "unacceptable". Lund also explains that due to the current traditional global payment infrastructure, it is more efficient to courier money via FedEx, stating "when it becomes more efficient to FedEx cash, something is wrong"
Lund explains that if everyone is using a shared ledger, bank balances can have relationships with other banks in one system, eliminating intermediaries. IBM have since partnered with Stellars protocol to create their latest product called World Wire. World Wire is a network that works with the Stellar protocol to effectively transfer and store value for digital assets.
Lund talks about why IBM chose to work with Stellar, stating that Stellar have thought about scalability, "Stellar provides an amazingly simple way to issue digital assets, which is really paramount to the use and the vision behind the World Wire system".
Read more: 4 questions (and answers) about World Wire and the rise of Stellar's XLM
Stellar will allow World Wire to focus on global payments, allowing "thousands of players who could come to the network and add value".
Lund explains that the integration of World Wire with Stellar has been "very well received, Stellar got it right at the right time".
The Youtube video concludes with Lund saying "So when you combine all of what Stellar does, all of what IBM is trying to do with World Wire and you put those together, now all of a sudden you have a capability that has the potential to really change the world, to have an impact on humanity and I think that's really cool"