A senior executive of the International Business Machine Corporation (IBM) has stated that the firm is committed to working with Facebook, to ensure the Libra project dream comes to reality.
According to a CNBC report today, Jason Kelley, IBM’s general manager of blockchain services noted that IBM is all out to engage in more partnership with firms that cut across the blockchain industry, including Facebook’s Libra project.
“Our clients are ready to work with [Facebook], and we’re ready to work with all of them to bring it together,” Jason said.
He further added that it is important to differentiate between cryptocurrencies and tokenization of assets, as most people can barely tell the difference between them.
Per the report, Kelly’s interest is more centered on the tokenization of assets, whereby everything of value can be issued on a Digital Ledger Technology (DLT), including currencies, stocks, among others.
“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,” he added.
Even though the blockchain tech has been utilized by major firms to address a variety of global challenges, Kelley is convinced that Facebook’s entrance into the fora would give the technology more legitimacy.
However, since Facebook’s proposal of the Libra Project, the social media giant has been met with widespread criticisms from global regulators, including the U.N.
IBM’s Contribution to the Blockchain Industry
IBM has been directly involved with a variety of blockchain projects, with the firm hoping to eradicate every form of risk in various sectors, ranging from financial services to supply chain management, using blockchain.
Last year, IBM was awarded a blockchain-based patent by the U.S. Patent and Trademark Office (USPTO), to highlight how blockchain can be used to secure computers from various forms of attack.
Similarly, the firm partnered with shopping center giant, Scentre Group, to develop a blockchain-powered platform called Lygon, to process and reduce the rate of fraud associated with bank guarantees.