Marie Wieck, IBM’s General Manager explained “how IBM’s blockchain platform is empowering companies to digitize traditionally human-reliant processes,” according to Northwestern University.
“IBM got into blockchain believing that it would herald the next generation of transaction solutions,” mentioned Wieck. “In reality, blockchain is the answer to the process of digitization.”
Wieck believes blockchain technology has a lot of potential on the long run and she thinks it will revolutionize many industries since “the platform provides transparency, prevents fraud, and preserves stability without the need of third-party oversight.”
IBM’s General Manager used the underlying technology of cryptocurrency to develop ” integrated, secure platform that companies use to digitally streamline business workflows.”
Instead of following the movement of cryptocurrencies, IBM’s blockchain is used to follow and approve documents circulating on the company’s network.
“At the end of the day, a blockchain is nothing more than a database. […] But it is distributed and synchronized to maintain a consensus among many different parties in a network. That’s what got us interested,” mentioned Wieck.
In the beginning of March, IBM claimed that it had a minimum of 63 clients for their blockchain services such as Walmart. The partnership between Walmart and IBM was to develop a blockchain-based application to track food supply chain.
“Walmart maintains some of the best food supply visibility in the world. It took them almost seven days to trace the exact farm that the exact package of mangoes came from,” Wieck expressed. “We placed the same query on our blockchain, and received data about the farm, packager, and distributer in two seconds.”