The benefits of blockchain

Blockchain can help radically improve industries, beginning with banking and insurance. However the opportunities for blockchain go far beyond this. We predict that this technology will be used to create smart(er), more efficient systems for supply chains, Internet of Things networks, gaming, multi-media rights management, car rental, Government proof of identity (or license) creation and insurance record management.



  • More efficient
  • Less risky
  • More cost-effective
  • Legal contracts
  • Corporate treasury, accounts payable and receivable
  • Trade finance, letters of credit
  • Smart Property
  • International payments
  • Internal cash management

Rethinking enterprises, ecosystems and economies with blockchain technology

Read the latest study from the IBM Institute of Business Value.



Fast forward

What can Blockchain do for you?

Blockchain can reimagine the world's most fundamental business interactions and open the door to invent new styles of digital interactions. Here are a few use cases.

Reduce time

Reduce settlement time from days to near instantaneous

Removes cost

Removes overhead and cost intermediaries

Reduces risk

Reduces risk of collusion and tampering

Applying blockchain to business


B2B contracts

Problem:
Business contracts can be codified to allow two or more parties to automate contractual agreements in a trusted way. Although information on blockchain is naturally “public”, B2B contracts may require privacy control to protect sensitive business information from being disclosed to outside parties that also have access to the ledger.

Solution:
Blockchain provides a shared record of the contract status which is updated as the purchase and delivery progresses. It is available to all parties to the agreement, their banks, and partners.

Benefits:

  • Increased efficiency and transparency across the supply chain.
  • Risk management improved through the near real-time update of all contracts.

Watson and the Internet of Things
Watson and the Internet of Things


Asset depository

Problem:
Assets such as financial securities must be able to be dematerialized on a blockchain network so that all stakeholders of an asset type will have direct access to that asset, allowing them to initiate trades and acquire information on an asset without going through layers of intermediaries.

Solution:
An ID management system which allows for only the parties with the correct keys have access to the asset.

Benefits:

  • The blockchain removes the need for intermediaries and unnecessary cost overhead.


Supply chain

Problem:
The blockchain fabric must provide a means to allow every participant on a supply chain network to input and track sourcing of raw materials, record parts manufacturing telemetry, track provenance of goods through shipping, and maintain immutable records of all aspects of the production and storage of a finished good through to sale and afterwards.

Solution:
The block chain acts as a distributed, single source of shared truth. Smart contracts can be leveraged to update the state of transaction, but also be shared amongst parties. Smart contracts can also trigger events that can be used to indicate the success or failure of a transaction.

Benefits:

  • Verifiable, preventing any party from altering or challenging the legitimacy of the information being exchanged.
  • Efficiencies through greater transparency to complex global supply chains.
  • Allow consumers to make informed purchases.
  • Governments can quickly and easily request reliable information from across the supply chain.

Watson and the Internet of Things

The business opportunity for blockchain

 
Industry, Sector or Solution Area Use Case
Financial Services Letter of Credit
  Corporate Debt or Bond
  Trading Platform
  Payment Remittance
  Repurchase Agreements
Government Government Tender Process
Industrial Manufacturing Process
Retail Loyalty Points
Healthcare Electronic Medical Records
Cross Industry Identity Management
  Trusting Industry
  Capital Asset Management
Internet of Things (IoT) IoT Refrigerator
Other Solutions Gaming
  Music
 

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