Crypto News & Analysis
International Business Machines (IBM) has scheduled a demonstration of their own version of a blockchain based, global transfer, rapid payment platform. They have named it ‘The Blockchain World Wire'(BWW). Unlike Ripple’s xRapid platform, IBM’s system can handle cross border transactions with any cryptocurrency as a medium of exchange. Whereas it has been reported that the xRapid system is only able to handle cross-border payments using the XRP crypto.
Capitalism doesn’t work without competition. IBM’s BWW system will ensure that the price for the service remains competitive. IBM’s presence will also cause the cross-border payment and transfer systems to improve their technology. The competition is extremely healthy for the evolution of both platforms.
IBM plans to demonstrate the BWW platform during the Sibos 2018 convention. The convention is being held in Sydney, Australia from October 22 – 25th. IBM holds more patents involving blockchain technology than any other company in America. They currently hold 89 blockchain patents second to Alibaba which holds 90 patents. They also have managed to forge several lucrative relationships with leading food companies and retailers. Some of the companies on the list include, Nestlé, Tyson Foods, Golden State Foods, Wal-Mart Stores Inc., McCormick and Co., and Berkshire Hathaway’s, McLane Co..
IBM’s leadership role in blockchain solutions is clearly demonstrated. They proudly boast that their clientele consists of 97% of the world’s largest banks. They push their chest out farther and claim their mainframe processes 90% of all major credit card transactions. They then put their nose in the air when they claim they run 60% of all the world’s transactional systems. The addition of the BWW system fits right into this configuration.
The Payment system will be powered by the Stellar Lumens (XLM) platform. The XLM cryptocurrency has gained nearly 9% in value over the last 7 days. The last sale at the time of this writing took place at $0.236 per crypto coin.
Forex News & Analysis
The United States Dollar lost ground against Bitcoin this week. The USD started the week pairing with Bitcoin at an exchange rate of $6135/ 1 Bitcoin. The pair ended the week exchanging at a rate of $6396 / 1 Bitcoin. The USD lost a 4.25 % advantage over Bitcoin by the end of the week. Bitcoin continued to demonstrate stability this week. Bitcoin continues to hold steady maintaining a level above its lower resistance level of $6200.
The USD index (.DXY) compares the USD to 6 globally dominant currencies. The USD lost ground when compared to its global counterparts towards the end of the week. The .DXY index recorded a value of 95.06 at the beginning of the week. The Index closed at 95.64 recording a 0.579% gain in value by the end of the week. The dollar lost some momentum on the last trading day of the week.Many analysts believe the loss in momentum is due to the European Euro gaining value. The Euro gains may be a result of eased tensions of economic conflict between Italy and the European Union. This is not the first time economic woes have entered the relationship. Fears revolved around the idea that the Italian economy the 3rd largest within the Union, is to big to fail. And a major bailout may have to be initiated. The GBP lost marginal value against the USD. After the news that Brexit was 90% done. The GPB ended the week Exchanging at $1.3069 with the USD, losing 0.01% from the previous trading day. While the Australian Dollar (AUD) lost marginal value compared with the Japanese Yen by the close of the week. The AUD ended the week weaker compared to the JPY exchanging with the JPY at ¥80.12 / 1 AUD a 0.01% decrease in value from the previous trading day.