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IBM VP of Blockchain & Digital Currencies: ‘We’re here to help change the landscape of payments and financial services’

Priya

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IBM VP of Blockchain & Digital Currencies says, "We're here to help change the landscape of payments and financial services"
Source: Unsplash

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”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Ethereum

Ethereum [ETH]: Samsung planning to create its own ETH-based blockchain; may issue own token soon

Akash Anand

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Ethereum [ETH]: Samsung in the works to create its own ETH-based blockchain, may issue own token soon
Source: Pixabay

The mainstream adoption of cryptocurrencies and blockchain technology has come a long way, with many financial and non-financial institutions now entering the mix. Technology giant, Samsung, is not new to the field, as the South Korean organization previously blew up the cryptosphere by meshing crypto with the launch of the company’s latest flagship device, the Galaxy S10.

Latest reports now suggest that Samsung is getting more serious about virtual assets, as the company might be on its way to create its own Ethereum [ETH]-based blockchain network, with the prospect of launching its own cryptocurrency token in the near future. An anonymous official from the organization stated,



“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid—that is, a combination of public and private blockchains.”

Sources from within the company added that blockchain technology is being developed by the wireless technology division of Samsung. Despite the fact that it has not been confirmed as to what devices will provide support for the blockchain, a company official revealed that “some models are being tested for it.”

Samsung’s tryst with Ethereum has been ongoing for quite some time now, with previous developments suggesting that Ethereum could be vulnerable on the S10 device. This was evidenced by a video put out by a user ‘darkshark’ on Imgur, in which it was shown how easy it was to crack the phone. Darkshark stated,

“This brings up a lot of ethics questions and concerns. There’s nothing stopping me from stealing your fingerprints without you ever knowing, then printing gloves with your fingerprints built into them and going and committing a crime.”





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