Businesses and enterprises have shown a lot of dissonances when it comes to the acceptance of virtual digital currencies due to its extremely volatile behaviour and the fact that it operates in a completely in a decentralized and unregulated market. Many of the businesses in the past have been confined themselves to use blockchain technology for different applications which doesn’t involve the use of cryptocurrencies.
However, it seems that as more regulatory bodies chip-in, big corporations have started looking inwards towards the digital currency space. Recent findings show that major organizations are now willing to use cryptocurrencies for live applications and early-stage prototypes.
As recently reported by CoinDesk, tech giant IBM has been working with central banks, trading platforms and executives of large corporations to discuss how digital currencies can prove to be beneficial for them by generating revenue.
Jesse Lund, Head of Blockchain Development at IBM said: “We’re seeing tons of demand for digital asset issuance across the board.” He further stated that the tech giant is looking forward to expanding the business applications of cryptocurrencies apart from just using the public Stellar platform with its native cryptocurrency ‘Lumen’. (XLM)
Lund said: “What’s happening is there’s this emergence of a new segment that could actually be one of the biggest segments, that is a permissioned but public blockchain network typology.”
IBM visualizes the digital currency space to be divided into three different segments like:
- Utility tokens used to access different services
- Security tokens giving investors some stake in the issuing company
- Commodity tokens used to represent physical assets and precious metals.
Lund said:“IBM is seeing a move towards issuing of tokens that have higher velocity that represents, ex a claim on a vault of gold bullion.”
IBM Engages Central Banks on Issuing Cryptocurrencies via Blockchain
Apart from this, the tech giant is reportedly in talks with central banks, exploring ways for them to issue their own cryptocurrencies using blockchain networks. Although IBM has not disclosed the names of these banks, it confirmed they include major institutions from G20 countries and international forums, with members such as the U.S., EU, China, and Russia.
Apart from this, the tech giant is reportedly holding talks with central banks to explore ways they can issue their own cryptocurrencies using blockchain technology. Although IBM has not named the specific banks, it indicated that they are major institutions from G20 nations and international forums, including members such as the U.S., EU, China, and Russia.
The tech company is actively exploring ways to enhance business opportunities between private and public blockchains. It is currently engaging with enterprises in industries such as beverage manufacturing, retail, and energy to tokenize various aspects of their business offerings.
Consequently, the tech company is actively working to create new business opportunities between private and public blockchains. Moreover, it is currently holding discussions with enterprises across industries—such as beverage manufacturing, retail, and energy—to explore how they can tokenize various aspects of their business offerings.