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. It has been recently found that big 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.”
Apart from this, the tech giant is said to be in talks with central banks and exploring ways for them to issue their own cryptocurrencies based on the blockchain network. Although IBM has declined to name those banks specifically at this time, they are said to be big institutions from G20 and international forums with members like the U.S, EU, China and Russia.
Apart from this, the tech giant is said to be in talks with central banks and exploring ways for them to issue their own cryptocurrencies based on the blockchain network. Although IBM has declined to name those banks specifically at this time, they are said to be big institutions from G20 and international forums with members like the U.S, EU, China and Russia.
The tech company is also said to be working on ways to improve new business opportunities between Private and Public blockchains and is currently having discussions with enterprises across industries like beverage manufacturers, retail companies, energy providers and further tokenize different aspects of their business offerings.
The tech company is also said to be working on ways to improve new business opportunities between Private and Public blockchains and is currently having discussions with enterprises across industries like beverage manufacturers, retail companies, energy providers and further tokenize different aspects of their business offerings.
