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IBM has been aggressively pushing the blockchain system. In a recen press conference in Taiwan to talk about the system’s development, Christopher Ferris, IBM’s CTO of Open Technology and chair of the Hyperledger Technical Steering Committee at Hyperledger Project, pointed out that blockchain involves team work and enterprises will not be able to operate the system alone. He also expects that the financial industry will be the first one to offer blockchain solutions.
Ferris noted that IBM has already been looking to help resolve enterprises’ problems via the blockchain system. IBM also has studied other on-line transaction products such as Bitcoin, but discovered that these technologies are not able to satisfy clients’ demand since clients do not wish competitors to see any of their confidential data. These solutions also have difficult times satisfying clients in terms of its computing performance, while Enterprise Ethereum Allianc and Bitcoin both still have not yet had firm directions for their development.
IBM has already developed blockchain solutions in the financial industry and has also partnered with a startup: The Plastic Bank to create a system for people to trade waste plastic for edible oil, power and food. The company will then sell the waste plastic to enterprises that can re-use it. The blockchain system is based on IBM LinuxONE architecture and in addition to the system’s transparency, it also features security measures and improved computing performance.
IBM also uses the blockchain technology in its financial and supply chain management. The system is able to save 75% of the delayed time caused by transaction disputes since the system allows IBM’s upstream and downstream partners that originally used incompatible systems, to be able to view the complete data of the supply chain as well as their transactions.
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