Coindesk Logo

IBM Rumored to Be Developing Bitcoin Alternative

IBM Rumored to Be Developing Bitcoin Alternative

IBM Rumored to Be Developing Bitcoin Alternative

IBM may be looking to further its exploration of bitcoin and blockchain products, according to a new report by Reuters.

IBM may be looking to further its exploration of bitcoin and blockchain products, according to a new report by Reuters.

IBM may be looking to further its exploration of bitcoin and blockchain products, according to a new report by Reuters.

AccessTimeIconMar 13, 2015, 12:18 AM
Updated Aug 18, 2021, 3:45 PM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

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.

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.