At IBM World of Watson this week, Silicon ANGLE’s theCUBE sat down with Shyam Nagarajan, Director of Worldwide Sales for Blockchain, to discuss some hot topics surrounding this emerging technology including security, food safety & cognitive applications.
With blockchain coming to the forefront of the industry and the next era of transactional processing, many companies are starting out their journey as “blockchain tourists”. This means that they are exploring the benefits of blockchain networks, but soon, they will be creating more useful applications. An example of this is the recent partnership of IBM Blockchain and Walmart. Walmart is now piloting a program using IBM Blockchain technology to track the journey of their meat from the farm to the slaughterhouse to the store to your table. This becomes especially useful whenever there is a meat recall- the right people will get the right information, preventing millions from food-borne illness.
In addition to food safety, security is top of mind for most people. With the hacking of the DNS/DDoS last week, which led to the outages of many popular websites, such as Spotify, Netflix and Twitter, some have begun to question if blockchain networks could face similar issues. The good news? Advanced security platforms in the Watson IoT Platform enables integration with blockchain for trusted IoT transactions among a group of parties. In addition, with a permissioned network and the GA of the IBM High Security Business Network, IBM Blockchain could not be safer.
Finally, we explore how blockchain connects with cognitive. A shared ledger is not something that you necessarily want to be “creative” so where do we inject intelligence? The information in the shared ledger can be exposed and used as part of the data that fuels predictive analytics. For example, a supply chain manager who puts their data on a blockchain can access it via Watson technology and provide information on the best way to optimize the supply chain. This will ultimately lead to cost savings and increased efficiencies across the network.