Examples of blockchain applications:
- Supply chain tracking for Air France.
- Logistics for Dnata.
- The IBM global payment platform.
- A digital identity system for Secure Key.
- A food supply tracking system.
- A private equity administration system for Northern Trust
- British Columbia's marijuana supply chain system.
IBM Has Potential To Dominate The Blockchain Market
It's not like IBM is the best deal on the web when it comes to blockchain services, but they have a long-standing reputation when it comes to implementing cutting-edge data services. Lot's of blockchain-based startups are popping up but many of them will have short lifespans and questionable reputations.
Right now, IBM is one of the earliest adopters in the corporate-level software industry and they are expanding their portfolio into the blockchain world. Based on the gigs that they have already obtained, it seems that 2018 will be an amazing year for growth for IBM. Supply chain, compliance, and financial applications seem to have the greatest potential for IBM's blockchain solutions.
IBM Teaming Up With The Linux Foundation
Hyperledger is an open source project with the combined efforts of IBM and the Linux Foundation that serves as a framework for industrial blockchain applications. It has been involved with some of the biggest companies in finance and banking to great some ground-breaking software.
Unlike the traditional uses of the blockchain, Hyperledger is not a cryptocurrency and it does not require wasteful mining in order to operate. It is centrally controlled and uses blockchain technology to make contracts, track transactions, and store data within its transparent database.
Unlike the peer to peer blockchain, Hyperledger is able to grant access to certain users so that it is still closed off to only permitted users. Specific access rights are able to be defined so that a company's complex business network can define their chain of command on the network. It is also completely programmable so that custom applications may be implemented without the need for IBM to modify the product for them.
SecureKey Trusting The IBM Blockchain
Secure key has made a deal with IBM to create a Blockchain based identity system for their Canadian clients. Identification details will be given by users using their devices and it will be stored within the blockchain so that governments, banks, and other authorities will be able to access it. Data won't be able to tamper from the inside since details are concretely set within the blockchain network.
Since hackers have been hacking online databases and leaking data, this type of storage solution was made to counteract it. Supposedly, it will not give hackers details to user information so easily since such strict access rules are permanently set within the blockchain. The information will also be in the hands of the users themselves since they will be the only ones holding the private keys that will be used to modify their personal data entries.
Large Canadian banks, like Toronto-Dominion Bank and the Royal Bank of Canada, have pledged tens of millions of dollars to put this project in the fast lane. It is expected to be released in early 2018.
IBM will have some amazing things coming up in 2018 with blockchain technology. We believe that they will be pioneering the way that the blockchain will be used in the corporate world and it will spark an exciting trend of ingenuity. Although many have seen IBM as a stagnating company in terms of profitability in recent years, their blockchain projects will probably be their big comeback into the market.