IBM’s Jesse Lund: Stellar Offers Users a Bridge from Private Networks and The Wild West of Bitcoin
Jesse Lund Of IBM Believes That Stellar Offers Users A Bridge Between The World Of Private Networks And The Wild West Of Bitcoin's Network
The collaboration between the multinational IBM and the decentralized blockchain solution, Stellar has led to the formation of what we now know as World Wire: the newest in a line of solutions aiming to streamline the entire process of moving money between nations, as well as domestically with far less friction, especially compared to the current system of cross-border payment solutions.
In one of the more recent videos, which was created and published by the Stellar Development Foundation, the head of blockchain for the multinational company – IBM – Jesse Lund discussed the current systems of payments that exist and are used to this day. Lund went on to elaborate that this solution is incredibly archaic and out of step with what is required from an ever-globalizing society.
Lund went on to discuss the new partnership which both of these organizations and the collaborative project that these two are involved in – which is World Wire. Lund continued, adding that the partnership represents one of the great opportunities that comes from the limitations of the cross border payments solutions, with this project, both Stellar and IBM are seizing upon a great vein of potential at just the right time.
In addition to this, Lund states that the current institutional system is so archaic that third party or private systems provide a far better solution for users to conduct payments overseas. He highlights that it would be faster and more effective for users to conduct these same kinds of payments.
He argues the following:
“Modern technology hasn’t provided a way to optimize the movement of money around the world…”
Lund has had a great deal of experience in the world of blockchain, especially when it comes to solutions, especially in the payments solutions world. The world, Lund argued, would be a far easier place if the banks of the world worked and collaborated within a single, interconnected platform. While this is a good thought, “That was not realistic, and not feasible, at least not until now.” This of course is on the heels of Lund handing out a bitcoin price prediction of over $1,000,000 per BTC/USD.
He argues the point that if each of these various banks were making use of some kind of distributed ledger, the whole process would be made far easier, this would make it easier to show the balances of each of these banks within one self-contained distributed ledger. That way, this would help to eliminate any unnecessary third parties being involved within a system intent upon providing a more streamlined service. He went on to further add.
“World-Wire is a network of networks that is built on top of Stellar protocol, which provides a blockchain protocol that is tailored and tuned for the transfer of value and the store of value through the issuance of many different types of digital assets.”
Along with these arguments, Lund went on to further add:
“We chose stellar because it has thought about scalability it’s rethought the underlying mechanics and some of them are quite complex… the other benefit of Stellar stellar provides an amazingly simple way to issue digital assets which is really paramount to the use and the vision behind the world wire system.”
Stellar, in the mind of Lund, has created and now provides a bridge between the currently existing ecosystem of private networks as well as the wild wild west that is otherwise known as Bitcoin's public blockchain network. Carrying on, Lund goes on to mention that has now become possible to develop and implement a sub-network. Allowing to enforce rules on those that choose to participate in this ecosystem, while ensuring that they don't have to give up their transparency in the process of having this broad, open and yet highly secure network.