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FinTech builds on blockchain for international mobile payments

Lucas Mearian | Oct. 17, 2017
IBM unveiled a cross-border blockchain payments service with a Polynesian payments system provider designed to improve efficiency and reduce the cost of making global payments for business and consumers.

"In order to move anything of value over any kind of blockchain, the network [of nodes] must first agree that that transaction is valid, which means no single entity can go in and say one way or the other whether or not a transaction happened," Tapscott said in an online interview. "To hack it you wouldn't just have to hack one system like in a bank..., you'd have to hack every single computer on that network, which is fighting against you doing that.

"So again, not unhackable, but significantly better than anything we've come up with today," Tapscott said.

Blockchain eliminates huge amounts of recordkeeping, which can get very confusing when there are multiple parties involved in a transaction, according to Saurabh Gupta, vice president of strategy at IT services company Genpact. "Blockchain and distributed ledgers may eventually be the method for integrating the entire commercial world's record keeping."

 

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