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‘The IBM Blockchain World Wire will be a paradigm shift for the payments ecosystem’, says IBM Head of Blockchain Solutions

Akash Anand

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'The IBM Blockchain World Wire will be a paradigm shift for the payments ecosystem', says IBM Head of Blockchain Solutions
Source:Pixabay

Cryptocurrency companies have worked with the focus of transferring the benefits of digital assets and blockchain technologies into institutional bodies for a better working ecosystem. This was made evident with the introduction of the IBM Blockchain World Wire, a blockchain based network created by the technology giant to make cross border transactions more feasible.

In a video by IBM, Jesse Lund, the Head of Blockchain Solutions at the company, spoke about the benefits of the World Wire and what it means in terms of a global payments scale. Lund stated that over the last twenty years, just like how the internet brought people and services together, IBM plans to do the same with cross border payments and financial institutions. He admitted that the financial infrastructure has not changed for the last 50 years and that global users expect the technology to catch up with other global developments. Lund went on to say:



“The problem with global payments is that they are slow due to the friction generated by different intermediaries. This affects the end user significantly because in the end all they require is the money to reach them. This becomes even more profound for businesses who want to manage their cash flow.”

The IBM official said that the tipping point in terms of technology is coming and that the introduction of blockchain technology changes the dynamic of the financial industry. Lund claimed that the IBM Blockchain World Wire will remove the intermediaries, reduce friction and lower the transaction cost and time. He further added that the novelty of IBM’s new initiative lies in the fact that payment instructions and the actual money moved together as a sequenced set of data. The Blockchain Solutions Head also said:

“We hope to see a global financial network that will facilitate moving money from anywhere to anywhere and that is one of the most exciting concepts that we can work with right now. Just like the internet was a paradigm shift, the introduction of the World Wire is aimed to conduct the next paradigm shift in the world of finance.”

IBM’s World Wire grabbed headlines on March 19, with plans to launch in more than 72 countries. During the launch, Jesse Lund had stated:

“IBM is announcing that it is open for business in payments was support for 72 countries, 47 distinct currencies and 44 unique banking endpoints and a wide range of pay in and pay out locations around the world.”





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

Bitcoin

Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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