Tuesday, January 31, 2023

IBM Reveals 400 Blockchain Projects with 63 Future-Minded Companies

IBM Reveals 400 Blockchain Projects with 63 Future-Minded Companies

The American powerhouse tech company IBM revealed in a new investor briefing that more than 63 IBM customers have embraced the company’s blockchain platform. Recently, interest in distributed ledger technology has caught fire with companies the world over.

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IBM Blockchain Consortium Grows

IBM is one of the world’s most dominant research organizations. For 25 consecutive years, the company has held the record for generating the most patents in a year by a single entity.  In 2017, IBM assigned 9,043 — 3,300 more than Samsung Electronic, which came in second.

Accordingly, it seems IBM doesn’t want to be behind anyone in the race of adopting blockchain technology. The Armok-based tech giant now has heavyweight blockchain clients like Visa, HSBC, and Walmart.

IBM’s CFO Jim Kavanaugh spoke to that dynamic at the beginning of the year.

“For us, blockchain is a set of technologies that allow our clients to simplify complex, end-to-end processes in a way that couldn’t have been done before.”

To that end, there are 63 companies in IBM’s blockchain consortium at present.

Out of that 63, 25 companies are involved in global trade plays. Another 14 firms work in the food logistics industry. The last 14 companies are working on blockchain projects in the global payments sector.

IBM’s blockchain business solutions are built on top of their native open-source blockchain platform Hyperledger. The IBM website states: “IBM provides blockchain solutions and services leveraging Hyperledger technologies, including Hyperledger Fabric and Hyperledger Composer.”

The Hyperledger Fabric uses “permissioned networks,” which means that some information on the network can be sealed with a password to ensure better security.

More Established Companies Diving Into Blockchain

In general, distributed ledger technology and cryptocurrencies are believed to be adopted by startups. However, IBM’s client list highlights how established companies are also interested in the nascent blockchain technology.

Last year, IBM, Walmart, Beijing’s Tsinghua University National Engineering Laboratory, and Chinese e-commerce giant JD.com signed a partnership to develop a Blockchain Safety Alliance (BSA). The primary aim of the alliance is to modernize food supply chains using distributed ledger technology.

Logistics, food, and blockchain: a match made in heaven.

At the time of collaboration, Walmart’s Vice President of Food Safety and Health Frank Yiannas said:

“As a global advocate for enhanced food safety, Walmart looks forward to deepening our work with IBM, Tsinghua University, JD and others throughout the food supply chain. Through collaboration, standardization, and adoption of new and innovative technologies, we can effectively improve traceability and transparency and help ensure the global food system remains safe for all.”

The increasingly positive sentiments on blockchain technology from major companies and institutions around the world speaks to blockchain’s potential in solving major present-day business problems.

Will more traditional companies keep advancing into blockchain tech? Let us know your views in the comments section.  

Images via Time Out Beijing, QZ

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