IBM reportedly developing bitcoin alternative

Rumor that IBM may be looking to dig deeper into its exploration of bitcoin and blockchain technologies is making rounds these days. It is expected to go beyond its earlier proof of concept ADEPT.

According to a latest Reuters report, the company plans to create a digital cash and payment system for traditional currencies that uses blockchain technologies.

IBM said that it aims to make traditional payments instantaneous while eliminating traditional intermediaries such as banks and other entities.

"The transactions would be in an open ledger of a specific country's currency such as the dollar or euro, said the source, who declined to be identified because of a lack of authorization to discuss the project in public", the article said.

The source spoke about the potential of the project, calling it "bitcoin but without the bitcoin". He said that it is still in its nascent stage and added that blockchain can help make payments simpler and more convenient.

"We are at a tipping point right now," the source continued. "It's making a lot more sense for some type of digital cash in the system, that not only saves our government money, but also is a lot more convenient and secure for individuals to use."