IBM has rolled out a Bitcoin-style blockchain concept that could make it easier for charities to receive secure payments online.
The IT giant is to provide a solution and pre-written lines of coding that means developers can easily integrate blockchain technology in order to support their apps’ payment methods.
The idea of utilising blockchain technology outside of the Bitcoin environment is rapidly gaining interest from all types of organisations, including the charity sector. Blockchain applications are also called “distributed ledger technology” because they remove the need for a centralised database.
Traditional financial institutions, as well as start-ups hoping to serve those banks and stock exchanges, have been investigating how they can utlise the technology. Because a decentralised ledger can be used to make money transfer more reliable and more secure, all parties can double check money transfers, theoretically reducing errors caused by mistake or malice.
At the World Economic Forum in Davos this January, MasterCard officials said that it was studying how to best apply blockchain concepts.
IBM is working with a number of global partners including the London Stock Exchange to develop the idea. Moiz Kohari, EVP, group head of technology innovation, London Stock Exchange Group, said: “We believe this technology has the potential to drive change across the industry but will need to be developed in partnership with customers and industry participants under an open source approach.”
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