IBM to Implement Major Blockchain Platform by September

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American technology firm International Business Machines (IBM) Corp. is set to implement one of the industry’s largest blockchain technology-based platform as early as September. The platform, called IBM Blockchain Solutions for Global Financing, will be leveraged to settle nearly three million transactions worth US$44 billion annually

Since early 2015, IBM has been one of the biggest household names to become early adopters of blockchain technology along with MicroSoft. IBM has released various blockchain-based applications and projects to date, including a blockchain innovation center in Singapore, cloud-based blockchain data processing services and a concept for blockchain-powered Internet of Things.

The Blockchain Solutions for Global Financing platform will be the firm’s first official application that will be integrated as a core part of its operations.

Economic Benefits

IBM essentially developed its blockchain platform to settle its financial transactions on a transparent and decentralized ledger to optimize disputes with their customers and partners. By removing middlemen and improving the functioning of markets, the system is expected to free up to $100 million in capital tied up at any given time in transaction disputes according to Jerry Cuomo.

Cuomo, the Vice President of Blockchain Technologies under the IBM Cloud Group, also

Read more ... source: TheBitcoinNews

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