IBM Taking A Swing At Blockchain Technology

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Blockchain technology has captured the attention of many different tech corporations – and low and behold IBM is leading the race, according to an investigative study.

Big Blue has been taking the proper steps forward with investigative research and development projects which are aimed at expanding the range of distributed ledger technology to include industries other than what encompasses the financial services.

Last month IBM announced a partnership with Nestle, Unilever, Wal-Mart and other food giants to trace the movements of food and tackle contamination faster by using the technology.

In reference to research firm Juniper Research, the corporation is in a more established positioned than competitor Microsoft as far as its blockchain credentials are concerned.

More than 40 percent of tech executives and leaders in the blockchain sector ranked IBM as top, with only 20 percent saying the same of Microsoft.

WHAT IS BLOCKCHAIN

A blockchain is a major decentralized log of information spread across numerous locations. It protects the data through encrypted ‘blocks’, accessed via a peer-to-peer network.

The purpose of the original blockchain was solely financial, serving as a distributed ledger for bitcoin transactions.

In July, Juniper said that more than half (57%) of the world’s large corporations are considering the deployment of their own blockchain solutions.

The path towards developing distributed ledger solutions has become increasingly heated, with EY announcing its own platform aimed at securing insurance for the shipping industry earlier this month.

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