IBM To Launch Commercial Blockchain For Businesses

Blockchain Technology is starting to dominate the world of digital finance by fostering cryptocurrency remittances and serving many financial sectors with its innumerable applications. Many companies are opening up to blockchain in order to consolidate their businesses with this top-tier form of cryptography. Over the last couple of years, blockchain has witnessed a tremendous growth especially in commercial use cases.

A leading multinational firm, IBM has geared up for its new Blockchain venture. As per the reports of Wall Street Journal, IBM is all set to launch the world’s first commercial blockchain this fall. The sole aim is to develop a system that keeps a track of all the business activities and client records. The company proclaims that its commercial blockchain solution will help the businesses in resolving internal disputes with clients and partners. The implementation of this blockchain system will also unshackle millions of dollars that are generally stuck in transaction disputes.

The vice president of IBM’s Blockchain unit, Jerry Cuomo states that the commercial blockchain system will act as an internal dispute resolution software and it will free up to $100 million locked in capital due to internal disputes.

Also Read Whatsapp Could Be The Future of Bitcoin Remittances.

How Blockchain Will Help?

As we all know, Blockchain serves as digital cryptographic ledger for recording digital transactions happening within a network. Blockchain is generally used by cryptocurrencies like bitcoin. But owing to a large set of potential applications, it is being used in many different areas beyond the cryptocurrency sphere.

The beauty of blockchain lies in the fact that it isn’t essentially meant for recording transactions only. In fact, it can be used to record potentially anything like digital identities, land titles, user profiles and all sorts of sensitive information. In the same way, commercial blockchains will help the businesses in keeping a track of all the client relations as well as all the inbound and outbound transactions.

IBM’s Quest To Dominate The FinTech Sector

This really isn’t the first time IBM is striving to dominate the blockchain industry. The company has been actively working with Ethereum to provide Blockchain-as-a-Service over the last couple of months. It all comes under the ADEPT project initiated by IBM last year. ADEPT is an acronym for Autonomous Decentralized Peer-to-Peer Telemetry. The ADEPT system forms a distributed network of devices that follows the constituents of bitcoin’s underlying blueprint. The ADEPT system creates space for secure transactions by utilizing the combination of both proof of work and proof of stake.

Besides, IBM has recently opened two Blockchain Research Labs, one in San Francisco and other one in New York. These labs are known as IBM garages and are generally meant to help the businesses to develop their own blockchain networks. In addition to that, IBM has also introduced blockchain technology to its cloud platform. This is a clear indication of IBM’s incessant interest towards the FinTech sector.