IBM Rumored to Be Developing Bitcoin Alternative

Pete Rizzo
Mar 13, 2015 at 00:18 UTC
NEWS

IBM may be looking to further its exploration of bitcoin and blockchain technologies in a way that goes beyond its previously revealed proof of concept ADEPT.

Reuters reports the US-based tech giant is seeking to create a digital cash and payment system for traditional currencies that uses blockchain technologies.

Citing a person familiar with the matter, IBM said the objective is to make traditional payments instantaneous while cutting out traditional intermediaries such as banks and clearing parties.

The article explained:

”The transactions would be in an open ledger of a specific country's currency such as the dollar or euro, said the source, who declined to be identified because of a lack of authorization to discuss the project in public.”

The source reportedly went on to call the project a “bitcoin but without the bitcoin”, adding that it is still in its early stages. Further, he spoke positively about the possibilities the project aims to achieve, suggesting the blockchain can help make payments more convenient and easier to use.

"We are at a tipping point right now," the source continued. "It's making a lot more sense for some type of digital cash in the system, that not only saves our government money, but also is a lot more convenient and secure for individuals to use."

Representatives from IBM did immediately not respond to requests for comment.

Image via Adriano Castelli / Shutterstock

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