FOLLOW US

International Business Machines Corporation (IBM) is now included in the long list of companies that are betting big on blockchain, the ledger technology behind bitcoin and other cryptocurrencies.

IBM is offering Blockchain as a Service based on the open source Hyperledger Fabric 1.0 from the Linux Foundation. It is a participating member of Hyperledger project to advance cross-industry blockchain technologies.

IBM Blockchain is a public cloud service, which allows its clients to develop, deploy, and manage blockchain networks that are secure and transparent.

In a recent interview with Xconomy, Ramesh Gopinath, the vice president of blockchain solutions and research at IBM, said, “For us, blockchain is all about trust in business transactions. While the technology itself has its origins in Bitcoin and cryptocurrency, we view that as one application of the underlying capability.”

IBM is partnering with industry giants on blockchain projects

Currently, IBM has more than 1,500 employees working on blockchain products and consulting services. So far, the company has worked on 400 blockchain projects in in different industries.

Wal-Mart together with a group of nine global food giants are using IBM Blockchain platform to track their food supply chains. The companies significant benefits in adopting the technology. For example, it allows them to easily identify the farm where contaminated produce came from. Normally, it takes weeks for companies to determine the source of food-borne illnesses such as salmonella, e-coli infections. A company with a blockchain-based network can pinpoint the source of the contamination in seconds.

Earlier this month, IBM together with the Bank of Montreal (BMO), CaixaBank, Commerzbank, Erste Group and UBS launched a blockchain-based trade finance platform called Batavia.

In January, IBM and Maersk formed a joint venture to develop a global trade digitalization platform using blockchain technology. Their objective is to provide more efficient, secure, simple, and transparent methods for shipping goods across borders and trading zones. General Motors and Procter & Gamble are among the global corporations that are already exploring ways to use the joint venture’s platform.

IBM is in the position to lead the blockchain market

Those are just a few of IBM’s ongoing blockchain projects. Take note that its partners are major players in their industries. There is no doubt that IBM already positioned itself as the leading provider of Blockchain as a Service.

IBM itself apart and above its competitors because it sees blockchain as an operating system like Android, which is open for everybody to use. It is helping establish open standards for building blockchain networks. It is also committed to developing scalable and enterprise secure blockchain platform with industry expertise.

Additionally, IBM has a wide range of resources to help its clients develop a blockchain platform that suits their needs. Remember, it has more than 1,500 dedicated blockchain experts working on projects across industries from banking, healthcare, retail, and more.

Furthermore, it is important to note that its blockchain paltform is integrated with its Watson Internet of Things (IoT) platform. This combination attracts clients because it offers great benefits.

The Bottom Line

IBM is investing big on blockchain. It is partnering with the giants in various industries to speed up the development and adoption blockchain. IBM is in the position to dominate the blockchain market. Its more than 400 blockchain projects serve as proof that it is better than its competitors. These projects also show that the company is regaining trust.