IBM Global Financing (IGF) is the world's largest technology financier. With more than 125,000 clients in over 60 countries, IGF was able to reduce time spent resolving financial disputes by 75 percent using blockchain technology.
Blockchain technology helps IBM Global Financing to quickly resolve financial disputes, providing comprehensive visibility across the entire transaction lifecycle and saving time and administrative costs.
Crédit Mutuel Arkéa is improving the bank’s ability to verify customer identity in their first blockchain project. They are creating an operational, permissioned blockchain network that complies with Know Your Customer (KYC) requirements.
By incorporating blockchain technology into virtual trade settlements, Mizuho is exploring how payments can be instantaneously swapped, potentially leading to new financial services based on this rapidly evolving technology
Drastically reduces the time for disputes, time to find information, verify a transaction, leading to quicker settlement and deliveries.
Decreases overhead and costly intermediaries while automating inefficient processes.
Minimizes the risk of collusion, tampering, and unintentional exposure of information.
Enable new business models
Build new revenue streams to interact with clients.
Explore key concepts and use cases
Consensus: Shared routing codes
Competitors and collaborators in a business network need to share reference data (for example, bank routing codes), however each member maintains their own ledger and must forward to a central authority for collection and reconciliation.
Blockchain provides a secure, shared record of the contract status which is automatically updated as the purchase and delivery progresses. It is available to all parties in the agreement, including their banks and partners. The distributed ledger creates a common view of the entire data set.
Consolidated, consistent data set reduces errors
Adds transparency amongst participants in the network
Provenance: Vehicle maintenance
Tracing the origin and movement of parts through a complex supply chain (for example, manufacturer and components and original sources of the components that make up a vehicle) is challenging and error prone.
Blockchain allows all members of the supply chain to track movement in a common, transparent and accessible record, enabling much quicker forensics in case of a recall.
Increased trust through tamper-proof records
Isolated recalls instead of cross-fleet
Immutability: Financial ledger
Audit and compliance requires a record of all transactions over a reporting period, even though financial data in a large organization is dispersed throughout many divisions and countries.
Blockchain records transactions from diverse set of financial systems and sources with tamper-proof qualities that create a common, trusted financial audit trail that becomes the single source of truth. Privacy features ensure authorized user access.
Lowers cost of audit and regulatory compliance
Simplifies process shortens timeline for auditors and/or regulators
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