Blockchain technology presents opportunities for disruptive innovation. It enables global business to transact with less friction and more trust.
Blockchain is a shared, immutable ledger for recording the history of transactions. It fosters a new generation of transactional applications that establish trust, accountability and transparency.
IBM Blockchain has joined The Hyperledger Project to evolve and improve upon earlier forms of blockchain. Instead of having a blockchain that is reliant on the exchange of cryptocurrencies with anonymous users on a public network (e.g. Bitcoin), a blockchain for business provides a permissioned network, with known identities, without the need for cryptocurrencies.
Applying blockchain across industries and professions
Blockchain shows great promise across a wide range of business applications
For example, financial institutions can settle securities in minutes instead of days. Manufacturers can reduce product recalls by sharing production logs with original equipment manufacturers (OEMs) and regulators. Businesses of all types can more closely manage the flow of goods and related payments with greater speed and less risk.
IBM Blockchain is powered by the Hyperledger Project
IBM is a premier member of the Linux Foundation's Hyperledger Project, a cross-industry collaborative effort to create a standard blockchain suitable for business. It is permissioned, open sourced, openly governed, and allows for regulatory transparency.
“Over the past two decades, the Internet has revolutionized many aspects of business and society–making individuals and organizations more productive. Yet the basic mechanics of how people and organizations execute transactions with one another have not been updated for the 21st century. Blockchain could bring to those processes the openness and efficiency we have come to expect in the Internet Era.”
— Arvind Krishna, Senior Vice President, IBM Research
The three C’s of IBM Blockchain
The three key pillars that make IBM’s approach to blockchain unique are:
IBM has donated 44,000 lines of code and counting to the Hyperledger Project to help the advancement of distributed ledger technology, built on open source code from the ground up.