‘Blockchain will do for transactions what the internet did for information’ – says IBM CEO

IBM, an American multinational technology company has been keenly interested in Blockchain and has been working towards its adoption and utilization. Recently, they published a patent to license blockchain to be used to connect Internet of Things [IoT] devices with each other following their tie-up with jewelry consortium.

They are now moving towards practical applications and implementation of abstract and theories. As blockchain matures, the team took efforts to explain few necessary things like the maturation process, its definition of their business, implementation in everyday scenarios as they move towards the concrete.

Tweet by IBM blockchain

Tweet by IBM blockchain

A famous quote by the CEO of IBM, Ginni Rometty:

“Blockchain will do for transactions what the internet did for information.”

Blockchain 3.0:

The third generation of Blockchain currently existing is the extensibility beyond its protocol which is a connection with other systems, services, analytics, and more broadly the outside world. The IBM team has incorporated its ‘Watson IoT platform’ with Blockchain which will allow IOT devices to send data to private ledgers to include in shared transactions and tamper-resistant records.

IoT with Blockchain and Watson IoT platform:

The distributed replication of IBM Blockchain enables any business partner to access and supply IoT data without the need for central control and management. Each transaction is verifiable by all the business partners which will avoid disputes and ensures each partner is held accountable for their individual roles in the overall transaction.

The Watson IoT Platform has a built-in capability that lets a user add selected IoT data to a private blockchain. The protected data is shared among only the business partners involved with the transaction, according to the company’s post.

According to the team:

“Envisioning blockchain as an isolated, standalone solution is actually a limiting factor that will prevent the technology from reaching its full potential.”

The main feature of Blockchain is enabling interoperability between older untethered systems. A re-examination of the capabilities is thus necessary for terms of a singular, siloed organization. It is also important to think about how to apply these to an interdependent, multi-organization space, a business network, in other words, that is powered by the blockchain technology.

Building a solution with a democratized dataset and redesigned interactivity opens up not only new business processes but also new challenges.

The head of IBM stated:

“My team is framing these challenges as opportunities to demonstrate our expertise. We are here to help our clients reimagine their processes and to facilitate their journey through the implementation of their networks. And we invite you to join us on blockchain 3.0.”

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