How IBM Is Investing In Blockchain
Just how vital and how immense is the innovative blockchain technology? This is actually the continuing discussion that will soon be a big issue. This is because blockchain has revitalized a number of old hand tech giants such as IBM, Oracle, Microsoft, and SAP. Oracle, SAP as well as Microsoft made distinct declarations last year, in October, September and in November respectively.
Nevertheless, in all the announcements, possibly the one old battleship of the giant tech firms that could take the crown among the firms evolving into the innovative technology is IBM.
In 2017, IBM was rated among the top blockchain suppliers. As a matter of fact, the firm was the first one to acknowledge the prospects that blockchain’s distributed ledgers are bound to bring. In this regard, the firm made its contribution code to HyperLedger, which is an open source attempt by Linux Foundation.
The firm was also instrumental in encouraging startup firms to test operate blockchain free of charge on its cloud. The endeavors are finally bearing fruit. There has been a rise in demand for blockchain. In this regard, IBM is of the idea that it will soon be one the largest users on blockchain this year, even as it has rented out well over sixty data centers to other brands all over the world.
In his own views, Panos Mourdoukoutas, a lecturer at the Department of Economics at LIU Post, New York, IBM is a better gamble than virtual assets on blockchain. This is because of its stronger potential to transform the globe.
According to Professor Panos, this fact makes IBM a better lasting investment in comparison to utilizing the virtual assets. As a matter of fact, IBM is providing blockchain for fiscal services, an aspect that will instill a lot of confidence for all in an effort to make trust the fiscal world’s worldwide coinage.
In so doing, IBM seeks to bring about innovative straightforwardness, transparency, as well as competence to all fiscal transactions. In this way, it will be able to eliminate the old processes and paperwork with newfound novelty, teamwork and swiftness.
Apparently, this is already taking place even as fiscal firms are spearheading the way forward with IBM’s blockchain for the sector. The financial institutions are also working closely to come up with new solutions and eliminate long standing friction, while at the same time delivering concrete commercial results.
The Big IBM Stake
In May this year, IBM declared that it would invest $5.5 million to establish a blockchain solutions hub in Sao Paulo, Brazil. This would be a pioneer solution center in Brazil, in addition to other centers located in Japan, United States, Canada and Germany.
In addition to the centers, the firm is also in the process of working on well over 400 blockchain projects in several parts of the world. This is actually over and above its lead in the global quantum work out.
Last year, in conjunction with its initial clients, IBM began operations to deploy the IBM Q. This was done in an effort to explore its submissions for science and business. The clients that the firms is working with include JPMorgan Chase, Samsung, and Daimler AG.
IBM spearheads a number of hopeful technologies such as Cloud, Artificial Intelligence (AI) as well as online security. This makes it a better gamble when it comes to long-term investments.
According to Donna N. Dillenburger, an IBM fellow, the firm is coming up with a system that will instill confidence in its clients on basis of protected and confirmable information. Blockchain, together with IBM’s enterprise security, offers the mechanism to bank in data in scalable ways. This can be useful in any sector, be it banking, healthcare, supply chain or food safety.
Sectors Applied To
- The shipping and logistics industry like the nascent partnership with Maersk in March this year.
- Fiscal sector, like its contract with 7 key fiscal institutions in Europe mid this year, whereby it wants to establish a platform on the basis of blockchain for trade finance. This will expedite global trade for SMBs.
- Food safety, whereby last month, IBM declared a key blockchain confederation which will work towards improving food traceability and identify food safety through the delivery of reliable data on both the origin as well as the condition of the food.
These are just some of the key examples of the over 400 customers that IBM is partnering with to execute its blockchain applications. Other sectors include supply chains, IoT, virtual rights management, and risk management.
Our Final Thoughts
IBM’s bet on the innovative blockchain technology has proved to be beneficial for the firm especially as a result of the increase in interest in the blockchain technology. Artificial intelligence is one of the key examples which is changing the proficient field. Together with blockchain, the two technologies are going to be a great combination.
Over and above, IBM has been able to get more clients and projects, seen a rise in stock prices, as well as a fresh infusion of vigor as a result of the use of blockchain technology. Additionally, analysts in technology and stock markets have given it a positive outlook.