Blockchain technology is poised to revolutionize businesses and change how societies interact. It alters the paradigm of how multi-party transactions are performed by enabling a shared, immutable ledger for recording the history of transactions between counter parties in a business network. Organizations can now leverage blockchain to fundamentally rewrite existing business models, processes and systems, to drive greater efficiency and improve trust in existing business networks.
Although made famous by the cryptocurrency Bitcoin, blockchain has applications far beyond banking and finance. Around the world, organizations are adopting blockchain technology to support new business models and improve existing processes.
Government organizations are embracing blockchain to boost innovation and collaboration. Healthcare providers are using it for clinical trials data, regulatory compliance and electronic medical records (EMR). Logistics managers are managing transactions in supply chains spanning thousands of miles — cutting costs and improving efficiency. Manufacturers are using blockchain to expedite their supply chain process and reduce inefficiency.
In Brazil, IBM recently collaborated with two major food corporations to oversee the creation of the first real consumer goods blockchain in South America. This is similar to the IBM collaboration announced in August with 10 U.S. food retailers. Now in testing, the project will eventually track scores of foodstuffs with increased transparency to deter tampering and ensure products arrive on shelves fresh for consumers.
In India, IBM has completed a proof-of-concept blockchain solution with a major automotive manufacturing company. Time-consuming and inefficient paper-based systems are now being replaced with systems that allow all participants to instantly see where every part sits in the supply chain at any given moment. Not only is this increasing trust, but it’s also saving valuable time and money as errors vanish and redundant processes disappear.
Watch the interview below where I talk about the benefits of blockchain technology, as well as how IBM is on the forefront of making blockchain real for business.
Supply chain finance is a great example where IBM is helping business realize the benefits of blockchain. But this is only the tip of the iceberg. With the potential to revolutionize nearly every industry, blockchain is only just getting started.
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