IBM today unveiled Blockchain World Wire, a near real-time global payments network based on distributed ledger technology (DLT) for regulated financial firms.

The blockchain-based network will offer a new way for cross-border payment exchange and international settlement. (The settlements can be done in five to 10 seconds.) The network is currently able to transfer funds to more than 50 countries using 47 digital coins backed by fiat currencies.

[ Further reading: What is FinTech (and how has it evolved)? ]

IBM claims its World Wire is the first blockchain network of its kind to integrate payment messaging and clearing and settlement on a single unified network while allowing participants to dynamically choose from a variety of digital assets for settlement.

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