According to a report on Business Insider, IBM has 63 clients who want to join blockchain technology, and is currently working on 400 projects to make this a reality. Among these clients, 25 are involved with international trade and 14 with food tracking and global payments. Some of the biggest names that have partnered with IBM include HSBC, Nestle, Visa and Walmart.
The financial officer of IBM Jim Kavanaugh said,
For us, blockchain is a set of technologies that allow our clients to simplify complex, end-to-end processes in a way that couldn’t have been done before,
Earlier in February, there were reports that an international logistics provider known as Agility had teamed up with IBM and Maersk in a bid to provide efficient and secure methods at tracking containers via blockchain technology. The company will efficiently identify events that are linked with shipments, then share and receive information about them through the blockchain network. This will in turn help reduce costs, since there won’t be a need for a third party.
This month, there have been other companies – PSA International and Pacific International Lines Ltd – that have teamed up with IBM Singapore, successfully completing a trial to track and trace cargo supply chains through the blockchain.
Tsinghua University, JD.com and Walmart are also working with IBM to enhance food tacking, safety and traceability in China. The four firms came together in December to launch an initiative known as the Blockchain Food Safety Alliance.
As a global advocate for enhanced food safety, Walmart looks forward to deepening our work with IBM, Tsinghua University, JD and others throughout the food supply chain. Through collaboration, standardization, and adoption of new and innovative technologies, we can effectively improve traceability and transparency and help ensure the global food system remains safe for all.
-Frank Yiannas, Walmart’s Vice President of food safety.
Why Blockchain Technology?
Blockchain technology has proven to be an efficient platform to help tracking both digital and physical items, from online payments to inventory. The blockchain is decentralized, which means that data is spread across a network / multiple machines, making it almost impossible for a single party to change the data or falsify information.
Conventionally, the blockchain network is public, so anyone can track and see changes that are made on the network. This helps eliminate the possibility of any shady dealings.
Image Credit: Deposit Photos
What do you think about more firms finally adopting blockchain technology? Is it safe to say that this technology is the future of business transactions? Let’s hear your insights in the comments below.