In markets including manufacturing, finance, healthcare, and food protection, IBM has 1,500 staff employed on more than 500 blockchain ventures.
It has also formed collaborations with the likes of Columbia University to build many more technology applications.
IBM’s Integration of Stellar
More precisely, in order to introduce USD Anchor, IBM collaborated with Stellar, a blockchain that shares technologies with Ripple, and Stronghold, a startup.
USD Anchor coins are backed by an equal sum of U.S. dollars on deposit by Nevada-based Prime Confidence at FDIC-insured banks.
In short, this suggests that IBM aims to build a network where trades through several blockchains can be resolved using digital fiat currencies.
Stronghold and Stellar, IBM’s collaborators in this company, offer various sets of skills. Stellar is close to Ripple in that cross-border transactions are the priority. But, the industries are distinct.
Stellar makes transactions within emerging countries, unlike Ripple, which has forged partnerships with financial institutions around the globe.
Stronghold is an anchor or a conduit between Stellar’s network and fiat currencies.
Why stablecoins?
The position of stable coins has become increasingly contentious as cryptocurrency markets have developed.
The asset management firm that backs USD Anchor tokens with fiat currency, Prime Confidence, says that it has been audited. And there are the instances in need.
Tether does not have any other use aside from its function as an on-ramp and off-ramp for trading on cryptocurrency exchanges. IBM has far more optimistic ambitions for its company.
The case for USD Anchor’s initial usage is to prepare for cross-border transfers.
What is IBM?
Headquartered in Armonk, New York, IBM is an American international technology corporation with activities in over 170 nations.
The corporation was established as the Computing-Tabulating-Recording Company (CTR) in 1911, founded in Endicott, New York, and called “International Business Machines” in 1924. In New York, IBM is integrated.
In fields spanning from mainframe computers to nanotechnology, IBM manufactures and sells electronic devices, middleware, and applications, and offers hosting and consultancy services.
IBM is also a major research company, keeping the record for 28 consecutive years for most U.S. patents created by a corporation (as of 2020).
The automatic teller machine (ATM), the floppy disk, the hard disk drive, the magnetic stripe card, the relational database, the SQL programming language, the UPC barcode, and dynamic random-access memory are all innovations by IBM (DRAM).
During the 1960s and 1970s, the IBM mainframe, exemplified by the System/360, was the dominant computing device.
In order to concentrate on higher-value, more lucrative sectors, IBM has constantly changed company practices.
This involves spinning off Lexmark’s printer maker in 1991 and selling Lenovo’s personal machine (ThinkPad/ThinkCentre) and x86-based cloud firms (in 2005 and 2014, respectively), and purchasing companies such as PwC Consultancy (2002), SPSS (2009), The Weather Firm (2016), and Red Hat (2019).
Nicknamed Big Blue, IBM is one of the 30 firms listed in the Dow Jones Industrial Average and one of the biggest employers in the country, recognized as “IBMers” with (as of 2018) over 350,000 workers.
At least 70% of IBMers are located outside of the United States, with India being the region with the highest number of IBMers.
Five Nobel Prizes, six Turing Honors, ten National Medals of Technology (USA), and five National Medals of Science have been presented to IBM personnel (USA).
