IBM (International Business Machines) is the biggest Information Technology company in the world, spans more than 100 years in the industry with nearly 390000 employees. The company has always led the innovation and creation trend, develop and produce the most updated information technology, including computer, software, internet, storage, and microelectronic device system. IBM is one of the first companies accepted blockchain as the main technology to manage data for a business project from education to healthcare. The company is using Forrester Total Economic Impact (TEI) which helps you identify benefits, flexibilities, cost and risk factors while working with Blockchain. In the following AMC group- a leading enterprise in mileage integration is going to give you the best blockchain projects successfully implemented by IBM. Please scroll down to find out what are they.
1.Food Industry- IBM Food Trust
Understand entirely customer’s concern related to food safety, the company easily recognized that there is an extraordinary demand for a safer, smarter food supply which leads to the release of IBM Food Trust. With the project, IBM believed that the problem can be solved by delivering transformative business to the clients. IBM blockchain Food Trust is already conducted in Fall 2016, with first product experiments being boosted by Walmart, China in December 2016. Nestle, in August 2017, also carried out this experiment to track food origin.
As Dubois raised the idea, the project is developed to match customer’s demand about food transparency and trust. The objective of this project is to enhance the company’s possibility of clarifying food traceability and food revoke, for example increase outbreak tracking ability to reduce the risk of affection. The technology significantly improves all types of ingredients’ traceability while each retailer can keep data management selection at every step of the supply chain process. The data can be plants, process, transportation and labeling information- which can be examined in just a few minutes instead of several days as before. According to Heures’s sketching, blockchain platform is such a strong tool to create customer’s trust on each retailer as well as manage data safely without the third party, in a real-time process.
With 3 main objectives when starting this project: Supply chain efficiencies, Food Safety, and Food Fraud, IBM strongly believes they can bring a fresh food market to empty the biggest customer’s concern ever- food safety.
2.TrustChain
The project is a collaboration among IBM and a consortium of leading diamond and jewelry companies from around the world with an expectation of encouraging transparency for the whole supply chain. The alliance has started working together since 2017 and now they are having accomplished a proof of concept which shows the diamond and jewelry industry the potential of blockchain when being utilized for tracking diamond origin.
Based on blockchain technology implemented by IBM and Hyperledger project, the suggestion is now on an operation to track and approve diamond and jewelry origin from the factory to stores. The technology is promising to provide “number, process, physical product verification and the third supervision” which assures customers that the product they are buying is legal.
By applying this technology, IBM and famous diamond enterprise alliance have stated that they would provide better visibility to the consumer throughout the entire supply chain, to allow exchanges of information amongst participants which supports their vision of bringing information transparency to this luxury item.
3.Trade Finance
Understand how antiquated it is in the process of trade and trade finance system, IBM has witnessed a big amount of enterprises have been isolated from the credit they need to grow due to operational risk and high costs in trade finance. To solve the problem, IBM created IBM Blockchain for Trade Finance and strongly believe the project can change how complicated and antiquated the operation used to be regarding in finance trade.
The technology dedicates a better experience for both buyer and seller of all sizes. IBM Blockchain for Trade Finance makes it easier for every enterprise to find and transact among others thanks to its ability of matching engines of bank-verified participants and automatic, event-based payments. With distributed ledger technology, security, built-in-governance, smart contracts and control capabilities of blockchain, IBM Blockchain Platform enable institutions access to trade finance data and information which reduces risk, eliminate wait times and increase transparency among other digitization ideas.
The project solves problems not only regarding finance but also facilitate other fields in life. It helps remove antiqued friction and bring a new level of trust and transparency to trade finance as well as goods, documents, and fund.
4.Cross-folder payments
IBM is the first enterprise applied blockchain for the transaction across boundaries among countries all over the world.
The company truly understand difficulties in transaction process among countries all around the world. It is time-consuming, several days or even weeks, and involves multi-layered intermediates which quite annoys people. In the opposite, the network utilized blockchain allows offsetting and payment transaction on a single network in real-time.
This new financial solution went on track and facilitated money transactions among 12 areas and territories in Pacific Asia, New Zealand, Australia and England.
To activate this network, IBM collaborated with KlickEx Group, as well as Stellar.org- a non-profit organization currently supporting opened- source blockchain network dedicated to financial services.
IBM planned to work with management and Promontory- a financial regulation consulting agency owned by IBM, to develop this network. IBM also assembles a group of first-class banks to ask for consultancy on how to apply this network for new legal area. They are National Australia Bank, Rizal Commercial Banking Corporation Philippines, Sumitomo Mitsui Financial Group and Financial Company Wizdraw (Hong Kong).
5. Identify Protection
This solution from IBM is presenting the decentralized approach to identity management which creates an environment where users can recognize other identities in a more secure and smart way. The technology now is on alpha version and collaborated with Decentralized Identity Foundation, World Wide Web Consortium (W3C) and other standards groups enabling the ability to approach identity management.
The technology brings a new ecosystem of trust for individuals thanks to its safe identity verification process. Besides, IBM Verify Credentials solve the trust matter between enterprise and their end users and provides a steady migration and evolution of technology without disrupting existing business process workflows.
