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It was back in October last year when Stellar and IBM made the loud announcement about their partnership and since then, as assumed, Stellar would be a part of the IBM Blockchain platform strategy. However after the general information that Stellar would be used to improve IBM’s cross-border transactions was announced, further details on inner operations and the actual implementation of the partnership remained mostly behind closed doors of the companies.
Recently during AMA (Reddit ask me anything session) IBM Blockchain vice-president, Jesse Lund went into a lot of details on how IBM and Stellar Lumens actually work together. In addition, Lund shared some future developments and expectations there are currently from the great partnership of the two companies. There were many important aspects discussed during the session, some of the main highlights of which included the followings:
- IBM is currently using Stellar Lumens live for cheaper and faster cross-border transactions. According to Lund, the main reason why IBM eventually chose to cooperate with Stellar has been Stellar’s all-around smart, scalable and secure design as well as the great potential of the platform distributed exchange that facilitates real time clearing and settlement across multiple asset types.
- Lumens are now used by IBM as the main coin to make transactions and are widely promoted among IBM’s customers. Currently IBM is not planning to issue own token instead concentrating on possible issue of other digital assets on Stellar which will be used as an alternative and complement to Lumens.
- For 2018 IBM has the objective of working closely with Stellar in order to establish operational corridors and financial networks which will facilitate low cost, direct, real time cross-currency clearing and settlement of universal payments. This will eventually lead IBM to be able to support other asset classes too and Stellar is the perfect solution to use here.
All in all the partnership between IBM and Stellar Lumens was reported to have been more than successful so far with some more exciting developments to come later in 2018.
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