IBM is considering adopting the technology behind the bitcoin, known as chain blocks, to create a digital system of money and pay for the major currencies, according to a person familiar with the matter.
The goal is to allow people to transfer money or make payments instantly using this technology without a bank or a clearing agent involved, saving on transaction costs, the source said.
The transactions would set out in a book open accounting record of the currency of a particular country, such as the dollar or the euro, said the source, who declined to be identified because he is not authorized to discuss the project in public
The chain of blocks. – a log book, or list, of all transactions of a digital currency – is seen as the main technological innovation of bitcoin, allowing users to make payments anonymously instantly and without government regulation
. Instead of being stored on a separate server and controlled by an individual, company, or bank, the register is open and can be accessed by all participants in the bitcoin network.
The digital currency system proposed work in a similar way.
“When someone wants to make a transaction in the system, instead of having to purchase a bitcoin, you simply say, here are a few dollars,” said the source. “It’s like a bitcoin, but without the bitcoin.”
IBM is one of several technology companies seeking to expand the use of blocks chain technology beyond the bitcoin, digital currency launched six years ago which attracted a following among investors and technology enthusiasts.
IBM did not answer emails from Reuters about it.
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