IBM has been at the forefront of blockchain adoption for quite some time now. It seems the Big Blue has set its eyes on dominating the world of blockchain for years to come. While other tech giants like Google, Amazon and Facebook have shown little interest in distributed ledgers or blockchain technology, IBM has been extremely active in capturing the nascent technology market, as evident from its continuous rollouts and blockchain-based solutions.
Google and Amazon have limited themselves to Blockchain-as-a-service (BaaS), under which there is little initiative on their part to help organisations carry out PoCs and understand the technology. Facebook’s blockchain exposure is limited to finance where it wants to launch its own cryptocurrency Libra. In comparison, IBM is the only tech giant with applications that have already been deployed to create real-world utility. The solutions which are part of IBM Blockchain Platform are created to leverage the technology across various industries including banking, insurance, logistics, shipping, etc., and bring in efficiency in data transparency, provenance and governance.
Supply Chain Management: The Ultimate Use Case for Blockchain
The selling point which has pushed organisations to carry out blockchain projects using IBM Blockchain is primarily to do with data transparency, which is critical for industries that manage supply chains. Supply chains involve multiple parties interacting with one another, exchanging data related to goods and services in a perpetual manner, and this can be difficult to manage. Total trade constitutes 60% of the global GDP, and yet global supply chains are rendered with inefficiencies and reliant on cumbersome paper-based systems.
The core technology enabling IBM to automate the management of supply chains is something known as smart contracts, which comprise the application logic of the system, and are executed automatically to digitally enable,…