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Blockchain: IBM Finding a Friend on Facebook

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Technology behemoth International Business Machines (IBM) is open to working with Facebook on its digital currency efforts.

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.

“Our clients are ready to work with (Facebook) and we’re ready to work with all of them to bring it together,” Kelley said in an interview.

Kelley said a company the size of Facebook entering the fray helps to bring more legitimacy to the underlying blockchain technology. However, he did not mention whether IBM was interested in joining Facebook’s stablecoin consortium, known as the Libra Association.

He stated, “Blockchain is a team sport. Our clients are ready to work with (Facebook) and we’re ready to work with all of them to bring it together.”

Cryptocurrencies and Tokenization

It’s important to distinguish between ‘the talk of cryptocurrencies and tokenization,’ he continued. He commented, “We talk about Libra and people say it’s just another crypto. Set crypto aside and talk about tokenization, because that’s what we’re talking about.”

The entrance of Facebook into the industry helps boost its legitimacy, Kelley believes. He declined from revealing whether IBM intends on joining the Libra Association, the body that’s mandated with overseeing the issuance and governance of Libra.

IBM has been focused on developing its patented Stellar blockchain to facilitate cross-border payments and launched the World Wire, an international payments system that uses Stellar.

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