Across global supply chains, financial services, healthcare, government and many other industries, innovators are exploring ways to use blockchain to disrupt and transform traditional business models. Many industry leaders have already achieved significant business benefits, including greater transparency, enhanced security, improved traceability, increased efficiency and speed of transactions, and reduced costs. Read how blockchain provides these benefits and then join us at Think 2018 in Las Vegas to learn more about using blockchain in your industry.
1. Greater transparency
Transaction histories are becoming more transparent through the use of blockchain technology. Because blockchain is a type of distributed ledger, all network participants share the same documentation as opposed to individual copies. That shared version can only be updated through consensus, which means everyone must agree on it. To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network. Thus, data on a blockchain is more accurate, consistent and transparent than when it is pushed through paper-heavy processes. It is also available to all participants who have permissioned access. To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network. Which can be, you know, a headache.
There are several ways blockchain is more secure than other record-keeping systems. Transactions must be agreed upon before they are recorded. After a transaction is approved, it is encrypted and linked to the previous transaction. This, along with the fact that information is stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the transaction data. In any industry where protecting sensitive data is crucial — financial services, government, healthcare — blockchain has an opportunity to really change how critical information is shared by helping to prevent fraud and unauthorized activity.
3. Improved traceability
If your company deals with products that are traded through a complex supply chain, you’re familiar with how hard it can be to trace an item back to its origin. When exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an asset came from and every stop it made on its journey. This historical transaction data can help to verify the authenticity of assets and prevent fraud.
4. Increased efficiency and speed
When you use traditional, paper-heavy processes, trading anything is a time-consuming process that is prone to human error and often requires third-party mediation. By streamlining and automating these processes with blockchain, transactions can be completed faster and more efficiently. Since record-keeping is performed using a single digital ledger that is shared among participants, you don’t have to reconcile multiple ledgers and you end up with less clutter. And when everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries. Thus, clearing and settlement can occur much quicker.
5. Reduced costs
For most businesses, reducing costs is a priority. With blockchain, you don’t need as many third parties or middlemen to make guarantees because it doesn’t matter if you can trust your trading partner. Instead, you just have to trust the data on the blockchain. You also won’t have to review so much documentation to complete a trade because everyone will have permissioned access to a single, immutable version.
Benefits for your industry
If you’re dealing with slow, complicated and paper-heavy processes, compromised security or exorbitant fees, blockchain is a solution worth exploring. Register for Think 2018 and attend March 19 – 22 in Las Vegas to see how blockchain is being used to benefit a wide array of industries. Check out the full IBM Blockchain schedule below and if you can’t make it to Las Vegas, catch the livestream which will run from 10AM PST on Tuesday through Thursday, March 20 – 22. We will be asking attendees audience questions from Twitter using #IBMBlockchain and the livestream chat. We will be asking attendees audience questions from Twitter using #IBMBlockchain and the livestream chat. I will be trying my best to be funny.
Where to find IBM Blockchain at Think 2018
Again, register and join us for these great sessions and speakers at Think 2018 in Las Vegas:
6 – 6:40 PM; Rewire Business with Blockchain to Derive New Value in the Business and AI Large Campus Theater A. The speakers will be Jason Kelley, GM Blockchain Services at IBM, Roberto Mancone, Deutsche Bank, Robert Rencher, The Boeing Company.
Tuesday, March 20
8:30 – 10:00 AM; Chairman’s Address: Welcome to Think in the Mandalay Events Center. The speakers are Ginni Rometty, CEO at IBM, David McKay, President and CEO at RBC, Lowell McAdam, CEO at Verizon, Mike White, CEO at Maersk/IBM Joint Venture.
Wednesday, March 21
8:30 – 9:10 AM; Now Being Served: Bringing Speed, Trust and Transparancy to Business Networks with Blockchain in the Keynote Theater, Mandalay Bay Ballroom. The speakers are Bridget van Kralingen, SVP at IBM, Marie Wieck, GM Blockchain at IBM, David Katz, Founder and CEO at The Plastic Bank, Wesam Lootah, CEO at Smart Dubai, Frank Yiannas, Vice President Food Safety at Walmart.
9:30 – 10:10 AM; Digitizing a Global Supply Chain and Breaking Down Barriers with Blockchain in the Business and AI Large Campus Theater A. The speakers are Marvin Erdly, Global Trade Digitization Leader at IBM and Mike White, CEO at Maersk/IBM Joint Venture.
12:30 – 1:10 PM; The Rise of the Decentralized Economy in the Think Theater, Bayside E. The speaker is Bettina Warburg, Co-Founder and Managing Partner at Animal Ventures.
1:30 – 2:10 PM; Blockchain Open Forum: Learnings from Building Active Networks in the Think Theater, Bayside E. The speakers will be Marie Wieck, GM Blockchain at IBM, Greg Wolfond, SecureKey Technologies, Ram Komarraju, CLS Group, Jim Gross, ZF Group.
2:30 – 3:10 PM; Blockchain: Unleashing the Power of Your Group in the Cloud and Data Campus Large Theater A. The speakers are Jerry Cuomo, IBM Fellow and VP Blockchain Technologies at IBM and Oscar Roque, AVP at Interac.
Thursday, March 22
9:30 – 10:10 AM; Betting Big on Blockchain for Business in the Modern Infrastructure Campus Large Theater A. The speakers are Donna Dillenberger, IBM Fellow and Ross Mauri, GM at IBM Z, Ram Komarraju, CLS Group.
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