IBM Blockchain announced a new blockchain banking solution 'fairX'
that will help financial institutions address the processes of universal cross-border payments, designed to reduce the settlement time and lower the cost of completing global payments for businesses and consumers.
This production blockchain network with KlickEx and Stellar is one of many blockchain projects underway by IBM in financial services including foreign exchange payments netting, private equity administration, securities lending and trade finance
What is FairX
FairX is a new exchange backed by IBM that looks to, makes easier for the common man to buy cryptocurrency. Right now, a lot of the crypto-exchanges are a complete mess – there is really not an easy way for the person to buy coins outside of what's on Coinbase. Some of the biggest exchanges only allow crypto-to-crypto exchanges, which creates a process that can take hours due to network congestion, and adds extra fees and steps.
This is where XLM's distributed exchange comes into play. With XLM, cross-asset payments are very possible, which means that it doesn't matter which currency you buy with, XLM will take care of this in the background.
FairX Supports:
Cross-asset payments
Suppose you are holding sheep and want to buy something from a store that only accepts wheat. You can create a payment in Stellar that will automatically convert your sheep into wheat. It goes through the sheep/wheat order book and converts your sheep at the best available rate.
Preferred currency
Because cross-asset payments are so simple with Stellar, users can keep their money in whatever asset they prefer to hold. Preferred currency creates a very flexible, open system.
Imagine a world where anytime you travel, you never have to exchange currency except at the point of sale. A world where you can choose to keep all your assets in, for example, Google stock, cashing out small amounts as you need to pay for things. Cross-asset payments make this world possible.
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Imagine that everyone in the world one day decide that they will trade with a new currency. They do not want banks and their governments to have any control in this currency. The currency should be truly universal in all sense and making it digital would allow for the fastest transfers possible. Such a system was indeed created in 2009 by an anonymous person(s) called Satoshi Nakamoto.
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