Rumors: IBM will adopt bitcoin technology for major currencies

credit: PerfectHue

As Reuters reported, IMB would like to adopting the blockchain technology, which is behind Bitcoin, to create a payment system for major currencies. The system would allow people to transfer their money or make instantly payments without a bank or clearion partner. So they also saving transaction costs. The transaction system would work similiar to the blockchain we all know from Bitcoin.



A source said to Reuters:

“When somebody wants to transact in the system, instead of you trying to acquire a bitcoin, you simply say, here are some U.S. dollars. It’s sort of a bitcoin but without the bitcoin.”

The IBM media relations offic dit not repsond to the emails from Reuters about the story and the U. S. Federal Reserve gave no comment. Yet the project is still in its early stages, the source said to Reuters. And unlike the decentralized Bitcoin network, the proposed system would be controlled by central banks. So the digital currency could be tied to an individual’s bank account and a wallet software woul integrate that account with the proposed digital currency ledger.

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