Posted 3 years ago | by Ben Armstrong
IBM's blockchain services is interested in working with Facebook's Libra project.
Facebook's cryptocurrency project, known as the Libra Association, already has nearly 30 members like Visa, Mastercard, and Uber. The Libra Association is based in Switzerland. The Libra Association has been vocal about having a goal of 100 members before the launch of the Libra coin. The Libra launch date for the year 2020.
Over the last few years, IBM has been steadily increasing their blockchain services collaborations. A notable collaboration includes working with the Food and Drug Administration (FDA) and Walmart.
According to CNBC, Jason Kelley, IBM’s general manager of blockchain services, said the firm was looking to foster “collaboration” across industries when it comes to a technology like blockchain. Jason continued, “We talk about libra and people say it’s just another crypto,” he said. “Set crypto aside and talk about tokenization, because that’s what we’re talking about.”
A blockchain tokens represents assets and utility. Stephen McKeon, Assistant Professor of Finance at the University of Oregon, says that a blockchain token means, "Using blockchain-based security tokens expands trading beyond regular bankers’ and stock-market hours, and may enable faster finalization of transactions."
Facebook has undergone scrutiny from world leaders when it comes to Libra. Political leaders across the globe have indicated significant hesitation about Libra; sighting concerns of Facebook users' security.
With over 2 billion users, Facebook's Libra blockchain does present complications when it comes to issues of privacy. Facebook has designed Libra so that "transactions are public and permanently logged in the blockchain, but pseudonymous", as quoted in Wired.com.
There is no confirmation as of yet of IBM officially working with Libra. However, Libra Association has indicated that the goal of reaching 100 members means that Libra is open to conversations and building partnerships with companies who are interested in working with Libra Association.