IBM Working On "A Bitcoin Without The Bitcoin"

Though bitcoin itself has faced heavy criticism over the past year as public trust in the cryptocurrency's reliability has faded, the technology powering the currency is quietly making major strides toward public adoption. Blockchain, the ledger behind bitcoin, has been hailed by tech enthusiasts as one of the most important inventions of the 21st century. Now,

appears to be jumping on board the cryptocurrency revolution using blockchain as its springboard.

An unidentified source told

on Thursday that the company was working together with the Federal Reserve to explore the use of blockchain to facilitate cross-boarder cash payments. The project would essentially allow users to move money without interference from a third party or banking institution via an open ledger in each nation's currency. If realized, the system would cut down on transaction costs and make international payments easier and more streamlined.

This digital currency network would allow participants to transact using their home currency rather than being tasked with acquiring bitcoins or another cryptocurrency. Additionally, the network would be overseen by the world's central banks, eliminating some of the trust issues that have arisen with bitcoin. However, since talks regarding the project are still in the early stages, neither IBM nor the Federal Reserve have commented on how the new system would potentially work.

Many believe the cryptocurrency revolution is unavoidable, and the world's central banks are beginning to take notice. A recent report from the Bank of England praised the potential benefits of blockchain technology and Ecuador has already begin its own digital currency program.