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IBM forecasts countries to adopt cryptocurrency

IBM’s head of blockchain development has stellar things to say about cryptos and expects that countries and industry leaders will be accepting the concept of digital currency in the future.

It looks like the technology-focused giant is no longer sitting on the cryptocurrency fence and has chosen to take a supportive stance. IBM has weighed in on the situation and the industry leaders have positive opinions towards the future of cryptocurrency.

Financial frontrunners and expert economists are often particularly skeptical of the new digital currency phenomenon and seem to be less likely to shower praise on cryptocurrency. Jamie Dimon of JPMorgan Chase, a multinational investment bank, stated that he thought Bitcoin was a fraud and he is not the only cryptocynic. It makes sense that central governments are also averse to the notion of a decentralized banking system and they aren’t afraid to voice concerns either.

Blockchain technology, however, seems to be like cryptocurrency’s favored older brother and receives a great deal of attention from industries and national authorities. Leading companies in their field, such as BP, Microsoft and MasterCard have devoted resources into developing blockchain initiatives at an enterprise level and U.S Congressional leaders have recently hyped the technology’s potential to improve security in the digital times.

Jesse Lund, IBM’s fresh kid on the blockchain development, has spoken that the company is looking into the use of initiatives for cryptocurrency and that the company is aiming to move beyond the current use of Stellar to a wider space of crypto offerings and suggested how this could be implemented in their already thriving blockchain business.

Lund also let on that 20 central banks have been looking into digitizing their financial systems. The bulk of these countries are in the G20, such as the European Central Bank which expressed curiosity at the summit. Lund is optimistic for blockchain based systems and has said that he expects that “we’ll see – sometime this year – a central bank at least putting its big toe in the water to issue a digital denomination of their fiat currency into the wild…probably in a controlled climate.”

Jeremy Cuomo, vice president of technology for IBM blockchain, is equally optimistic in the rising popularity of the technology. He said that his “sales team loves blockchain because a customer that is buying blockchain rarely walks out of the store with just blockchain. They walk out with multiple things in their cart.”  

IBM, being such as powerful player in technology, is possibly leading a volley of support for cryptocurrencies and it wouldn’t be surprising if other companies quickly jumped on the digital bandwagon too.