From recent reports, the Blockchain chief of IBM, Jesse Lund declared that his company (IBM), is the “leader” in the innovative technology. IBM’s Lund heads the company’s Blockchain division. Lund claims IBM is the leader in Blockchain technology in a recent interview. In his words:
“For the last three years, what IBM has been doing as the leader in Blockchain technology is making the system more secure and boost user confidence.”
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Lund also talked on IBM’s cross-border payments solution. This solution uses Stellar Lumens for settlement. It is a way for one of the oldest technology firms in to revolutionize the remittance sector. The solutions developed now challenge Ripple’s xRapid product when it comes to adoption. However, all products will have to work hand in hand to formulate a worldwide harmonious system.
“We are building on a fresh idea, which is to have the ability to store monetary value virtually. Another is to be able to move the value around the globe in real time. I believe the issue with cross-border payments today, the network that banks communicate on is different from the network; the inefficiencies are based on the fact that the way that banks communicate, or the rails that money moves on.”
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Lund also talked about what happens to SWIFT and other banks when it comes to making international payments. According to the IBM chief:
“SWIFT is a messaging forum. What we offer is messaging like SWIFT. Our standards are based on the models that SWIFT has ultimately developed. The ISO standards that have moved from SWIFT are part of the platform. We are trying to help banks with the optimization of their service for customers.”
IBM’s Blockchain group may actually have its fingers in multiple industries to determine what role Blockchain can play. Including from supply chain tracking and money movement plus more. Since the company has sold its hardware business several years back, it has shifted its focus to intellectual property.
Is IBM Really the Blockchain Technology Leader?
Lund’s view is at best a sign that the coming of Blockchain may have breathed something fresh into the company’s backing its efforts to remain relevant in this dynamic technology market.
Five years back, it was only a few persons in the crypto space that would have expected to hear IBM calling itself the leader in Blockchain, which was a questionable claim at the time. To this day date, the company has innovated very little when it comes to blockchain. They instead stand on the foundations set by cryptography giants.
The claim can be likened to the case of Microsoft or Google referring to themselves as the leader in the hardware development industry. While both companies may have hardware products, the leader tag, belongs to companies like Samsung or Huawei. The actual “leaders of the Blockchain technology,” are a disparate section of open source developers who have been contributing to hundreds of projects in the sector.
What do you think about Lund’s proclamation? Is the tech company really the leader in blockchain technology?