International Business Machines Corp. IBM's transformation from an aging legacy business into new age ventures took a new step forward Monday after the company introduced a new blockchain platform, CNBC reported.
IBM's new blockchain technology allows financial institutions to more quickly clear and settle payment transactions. The company is working with multiple leading financial institutions to "make payment networks more efficient and transparent so that banking can happen in real-time, even in the most remote parts of the world, CNBC quoted Bridget van Kralingen, senior vice president of IBM Industry Platforms, as saying in the announcement.
Blockchain refers to a grouping of data that is maintained by a vast network of computers instead of one mainframe. The data is then secured through "blocks" and accessed in a peer-to-peer network.
IBM's new platform is already live and handling transactions across the Pacific islands, Australia, New Zealand and the U.K., CNBC added. The technology is also expected to increase financial inclusion among individuals with restricted access to financial services in developing countries and could speed up the cross-border payments and transactions which currently take up to several days to clear.
Investors who think that IBM still IBM is an aging legacy business that lacks the knowledge to enter into new-age spaces should check out what Tom Eck, IBM Watson's chief technology officer said during a recent Benzinga Fintech Summit.
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