June 12, 2018 | Written by: Matthew Mikell
Categorized: Blockchain | Security
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Today’s the day you can make IoT do the work for you, rather than the other way around. You’ve been demanding more value from thousands of devices and the sea of sensor data. You asked, we delivered. Today, IBM is announcing the IBM IoT Blockchain Service; the add-on to IBM IoT Connection Services. But it’s oh so much more than an add-on. If you are concerned about trust and tracking then this new IoT Blockchain Service can help.
New IoT Blockchain Service
The new IoT Blockchain Service enables IoT and asset data to validate business conditions (time, place, owner, origin) for business networks in a trusted, immutable ledger, building traceability and trust in your products and promises. Sensors enable collaboration and compliance across a distributed, decentralized blockchain network. Envision a solution that could offer provenance of an original part, trust in a timely transaction or confidence in multi-stage collaboration.
“Some of the biggest challenges in contracting is to track compliance and obligations. A blockchain platform and its smart contract framework coupled with IoT and AI, can help facilitate greater efficiency in compliance and obligation management. AI can help develop smart wizards to build contracts based on responses to specific questions and can further be enabled for pattern recognition to identify changes to standard clauses or introduction of non-standard clauses. Blockchains are immutable and therefore it may be possible to eliminate the need for electronic signature in near future.” – Girish Mutag, Managing Consultant – IBM Global Business Services
Put simply, IBM makes it possible that at any time or place our devices can securely and accurately provide traceability and transparency with a record to the blockchain. It’s shared, it’s secured, yes, it’s IoT Blockchain Service.
What do you mean S.A.V.E. the day?
Here are four benefits of the new IoT Blockchain Service you will love. We’ve labeled these blockchain benefits for IoT using a term we call S.A.V.E.
- Status – When you’re collaborating in large eco-systems of partners who deliver product, process, or code, you need to know what was delivered and when. In connected cars, which makes up thousands of suppliers of hardware and software, you need to share real-time information on the status of things as they move through the distributed system.
- Accounting – Knowing once an item has been received or an action taken, it’s posted to the blockchain. Recording transactions through blockchain virtually eliminates human error and protects the data from possible tampering. Keep in mind that records are verified every single time they are passed on from one blockchain node to the next. In addition to the guaranteed accuracy of your records, such a process will also leave a highly traceable audit trail.
- Verify – Falsified inspection certificates, substandard materials, safety hazards, these are some of the challenges faced by multinationals who have materials sourced from different suppliers and producers. IoT Blockchain Services could ensure the original inspection certificates are not false and enable approval through consensus. Blockchain can also provide accurate ‘birth to death’ of a raw materials (copper, steel, aluminum) in the supply chain, which can make the task of finding substandard products much easier.
- Execute – Knowing once an item has been received or an action taken, it’s posted to the blockchain and we use business process automation to execute a Smart Contract. A typical blockchain comprises a digital and distributed ledger for monetary transactions but what if we used asset data from an event to confirm transactions between parties and automate payment. That’s where smart contracts come in.
Learn more about tracking devices that improve traceability and trust.
- IoT Connection Service already makes it quick to connect, collect, and analyze device data with enterprise-grade scalability and security. Now you leverage that effort (or lack thereof) and make it part of IoT Blockchain Service to transform ecosystems, supply chains and compliance.
- If you’d like help building your IoT & blockchain business case, ask us about our latest Lab Services offer.
- For more updates, follow us on Twitter @IBMIoT