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.
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