The objective is to allow people to transfer cash or make payments instantaneously using this technology without a bank or clearing party involved, saving on transaction costs, the person said. 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 blockchain - a ledger, or list, of all of a digital currency's transactions - is viewed as Bitcoin's main technological innovation, allowing users to make payments anonymously, instantly, and without government regulation.
IBM is one of a number of tech companies looking to expand the use of the blockchain technology beyond Bitcoin, the digital currency launched six years ago that has spurred a following among investors and tech enthusiasts.
The company has been in informal discussions about a blockchain-tied cash system with a number of central banks, including the U.S. Federal Reserve, the source said. If central banks approve the concept, IBM will build the secure and scalable infrastructure for the project.
IBM media relations office did not respond to Reuters emails about this story and the Fed declined to comment.
However, there are signs that central banks are already thinking about the innovations that could arise through digital currency systems. The Bank of England, in a report in September 2014, described the blockchain's open ledger as a "significant innovation" that could transform the financial system more generally.
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