IBM has announced its intention to present one of the largest commercial implementations of blockchain. The blockchain solution of IBM will make available more working capital that otherwise would be held up in transaction disputes with customers and partners.
IBM Global Financing intends to employ the blockchain technology as a way to remove the role of intermediate agents and to free up capital tied in customer disputes. Thus, the technology will be able to advance the efficiency of many markets and functions.
“The implementation, which will help its financing unit resolve disputes with customers and partners, could send a signal to a market where enormous amounts of money have been invested in blockchain companies and their technology. The move also will make IBM one of the largest organizations to date to shift beyond limited tests of the emerging technology to real-world business transactions”, writes the Wall Street Journal.
IBM is planning to come up with its blockchain solution in September. The internal dispute resolution software will be sold as part of IBM Blockchain platform. The terms and price haven’t been defined so far.
“The system is expected to free some of the $100 million in capital tied up at any given time in transaction disputes in the IBM Global Financing unit. Blockchain is touted as a way to make many markets and functions more efficient by removing the middleman”, said Jerry Cuomo, vice president of blockchain technologies.
It is known already that Nitin Gaur, Director at IBM Blockchain Labs, will be one of the speakers at the first Blockchain World Congress held by Infocast between September 13 and 14.
The Blockchain World Congress will focus on the emerging blokchain technology, its potential use cases and impact on the global economy. The world’s leading financial and technology companies, as well as regulators, investors, and software developers, will discuss the main benefits of using the technology, including increased transparency, higher efficiency and lower costs. They will also touch the risks of blockchain adoption for financial organizations and potential challenges of its widespread usage, from scalability issues to the lack of appropriate regulation.
Meanwhile, the world investment in the blockchain technology is continuously growing. As of the first quarter of 2016, the investment in bitcoin and blockchain companies surpassed $1 billion.
The list of other speakers at the Blockchain World Congress includes Michael Harte, COO & CTO at Barclays, Brad Peterson, EVP & CIO at American Express, Meltem Demirors, Director of Digital Currency Group, Chris Ballinger, CFO and Chief Officer at Toyota Financial Services, and Judd Bagley, Director of Communications at T0/OVERSTOCK.COM.