Based on a study IBM has a high-profile R&D engagement with several initiatives such as Hyperledger along with an extensive list of blockchain clients across an array of key verticals and makes use of cases that include banking, asset tracking as well as the music industry.
Among the several respondents, more than actually two-thirds (67%) said they had already made an investment of more than $100,000 in the Blockchain technology by the end of the year 2016, whereas 91 percent of such companies did confirm that they would be really spending at least the amount in 2017. However, the study did urge the companies to focus on the private blockchains for commercial based deployments, rather than utilize then as public chains such as the Bitcoin. The IBM Blockchain provides the fundamental support to be able to transform several of the industry based business practices, from banking onwards to government and up to healthcare and logistics.
Considered to be a technological innovation of the digital cryptocurrency Bitcoin, the Blockchain technology actually disrupts the traditional processes across the industries — from financial transactions to, of course, the extent of marine insurance and more. For a layman’s understanding, a blockchain is actually able to efficiently record the transactions existing between two parties. A blockchain is also typically operated by a peer-to-peer based which does allow the users to be able to manage the ledger in a very secure way without the required help of a third party.
IBM has even beaten Accenture. The Blockchain Enterprise Survey has by the market research firm Juniper Research been inclusive of 400 company founders, executives, managers along with IT leaders that ranked Microsoft and Accenture after of course IBM.
Despite companies conducting initial testing making use of a public blockchain, most of the cases have shortcomings of these chains that should be able to disqualify them from many of the cases that include financial settlement, land registry, public sector deployments and logistics.
Technology has taken rapid strides and big players are competing with each other to better serve their customers. Competition is stiff so these big players challenge each other in many ways. IBM has carved a niche for itself as compared to even Microsoft and Accenture and the Blockchain technology has proved to of much merit as compared to the traditional way of handling various business issues.
Conclusion
Several industries are availing blockchain technology and this aimed at serving the industry requirements better. The focus must be on private blockchains rather public ones and any measure that helps in steam-lining industry processes is very welcome. Efforts are always on by big business players such as IBM and Microsoft to come up with new innovative business ideas. The effort is always primarily aimed at augmenting revenue and making the business operations more efficient oriented. By these innovative ideas, the entire business industry gains and adopts them to improve their overall performance levels. Trial and error make the best as they say!
