This is the year of blockchain: the year that business networks based on blockchain are put into production around the world. Early adopters have been using this technology to reimagine their industries, developing new ways of interaction that reduce friction and foster innovation. I’m super excited for the IBM Blockchain Technology Summit in Atlanta on June 29, which will bring together industry experts and executives for a half-day event of sharing knowledge. I’m positive that some great ideas for blockchain implementations will come out of the industry breakout sessions.
Blockchain in the financial services sector
Since blockchain started with Bitcoin, it was natural that businesses would try to find ways to use it for other financial services. Through shared, distributed ledgers, blockchain can help financial institutions reduce the complexity of moving money between parties. Reference data can be captured in real time, validated through consensus, and shared according to permissions. Verifiable audit trails can discourage fraud while the need for reconciliations, which are costly and time-consuming, can practically be eliminated. In addition to these examples, there are numerous areas within the finance sector that can benefit from blockchain: wholesale payments, clearing and settlements, trade finance, equity and debt issuance, identity, collateral management and more.
Read this white paper and then join Pramod Achanta, Partner, Financial Services Blockchain Practice Leader for North America, IBM, at his breakout session to discover how clients are using blockchain to disrupt traditional financial processes.
Through provenance, blockchain provides visibility into the supply chain of global distribution markets. It reduces noise in the system, so goods can be delivered faster and with greater trust. Just think, when you purchase something of value — a branded bag or maybe an expensive bottle of wine — how do you know it’s authentic? If blockchain is used to track each step of a product’s journey through the supply chain, consumers can feel assured they are getting what they expect, as they can with the diamonds that Everledger has placed on blockchain. Going a step further, if food products are put on blockchain, as Walmart is doing in a pilot study, retailers, distributors, processors and growers could quickly trace a contamination to its source and perform a recall.
Join IBM US Distribution Markets General Manager Sherry Lautenbach’s breakout session to discuss blockchain use cases in areas such as travel and transportation, media and entertainment, energy and utilities, retail and more. You’ll get to see blockchain in action, learn about new blockchain services and receive guidance getting started on or evolving your blockchain network.
Blockchain in the public sector
On permissioned blockchains, data in the public sector can be shared seamlessly while privacy is maintained through agreement among participants. This increases transparency and security while reducing barriers to collaboration. In healthcare, organizations are exploring how these features can be used to increase trust for patients and doctors in the process of recording clinical trial data and sharing medical records. Life Sciences companies can use blockchain to increase the transparency of their end-to-end supply chain, including track and trace, product recalls and cold chain. They can even make the pharmaceutical rebates process more efficient.
Governments are also looking to blockchain to help reduce cost, time and risk in regulatory compliance, contract management, identity management and citizen services. In Dubai, a city-wide pilot to offer government services on interoperable blockchains was recently announced.
Join Rene Bostic, VP, North America Cloud Technical Sales Software & Services, IBM Cloud, and Mark Treshock, Associate Partner, Life Sciences and Healthcare, IBM, in their breakout session to learn how organizations are embracing blockchain to facilitate the sharing of information. Also, be sure to check out the IBM Institute for Business Value studies on government and healthcare.
Blockchain in your industry
The opportunities for blockchain adoption are widespread and aren’t limited to the few examples I’ve mentioned in this post. If you’re a senior executive responsible for developing new business models that will reduce costs and risks, improve efficiency, and ensure the security of vital business processes in your organization, don’t miss this chance to meet with early blockchain adopters and experts to see how to get started transforming your industry. Register now!
As an IBM Distinguished Engineer, I have spent the last two and a half years working on blockchain with our U.S. banking and insurance clients. More recently, I have been the IBM technical executive overseeing open Insurance Data Link (openIDL), the insurance network partnership with the American Association of Insurance Services (AAIS). It’s been very […]
Recently, some of my colleagues published an excellent and informative article on the evolution of privacy and confidentiality in networks built on The Linux Foundation’s Hyperledger Fabric. As an industry practitioner, I look to apply that philosophy to insurance business network design. As the article details, “Privacy is frequently achieved by mechanisms that enforce the confidentiality […]
Blockchain technology is, almost without argument, the topic of the year and is even more high profile for the accounting and financial services industries. Almost without exception, major conferences, journals, media publications and most conversations, are impacted by this technology. Even with all of the excitement, investment and analysis, however, most of the conversations have […]