Using IBM Blockchain offers numerous benefits to businesses today as it records and tracks a company’s assets transforming each transaction into blocks. The blocks get locked together, creating an unbreakable chain that prevents the removal, editing, or addition of any block. This is not only an ideal way to keep internal records, but it allows companies to create transparency with those they do business with. Here are just a few interesting problems IBM Blockchain is solving today.

Having Recalled Food On Store Shelves

When fruits and vegetables are recalled for one reason or another, it can take suppliers a significant amount of time to find out if any of the products on their shelves has been affected. For example, the recent E. coli breakout in romaine lettuce that was traced back to a specific region of Arizona. Instead of spending time and resources on finding out if the lettuce on the shelves was affected, which could take up to a week, many stores just threw it out.

With IBM Food Trust™, which is part of their Blockchain products, this is no longer an issue. IBM clients like Albertsons Companies are able to pinpoint exactly where their produce comes from in just seconds, allowing them to determine whether or not they have contaminated food on their shelves.

Jerry Noland, Albertsons Companies’ VP of Food Safety & Quality Assurance explained the need for IBM Blockchain in the food industry saying, “Multiple high-profile consumer advisories from the Centers for Disease Control and Prevention and the Food and Drug Administration demonstrate the need to find more efficient ways of tracing products and identifying likely sources of contamination in a timely manner. Consequently, retailers are exploring new technologies to improve the infrastructure that underpins the global food supply chain.”

IBM Food Trust connects those throughout the supply chain, offering those with permission to access a shared and permanent record of relevant data. This not only ensures that all stores have safe and fresh food on their shelves, but it reduces waste and improves brand reputation as well.

Data Leaks

It seems that we get emails almost weekly these days informing us of data leaks and security breaches in companies we trusted with our private information. When Facebook’s data leak hit the media, it had many people feeling like their information wasn’t safe on the internet if a huge company like Facebook couldn’t prevent a breach. Fortunately, IBM Blockchain has come up with an added layer of security that can better identify those behind their keyboards which will prevent data theft, the spreading of fake news, and the ability for other countries to get involved in United States politics.

IBM’s senior vice president of global Industries, platforms, and blockchain, Bridget van Kralingen, explained saying, “For Facebook, the fundamental issue that they’re grappling with is very suited to the technology of blockchain. So what they are grappling with is securing data, and making sure that if people want privacy or trackability of their data they can actually secure that—whether it’s on the ad side or the personal side.”

Ultimately, implementing IBM Blockchain tools is a way to safely authenticate that people are who they claim to be.

Waiting For Cross-Border Payments To Clear

Businesses today often work with those overseas, as manufacturing, materials, and services are more affordable. This means having to wait several days for both outgoing and incoming payments to clear, a factor that can hold up other business operations. IBM Blockchain World Wire offers a solution to this problem that allows payments to clear in just seconds.

“We’ve created a new type of payment network that is unique in the sense that it streamlines the ability of businesses and consumers to move money around the world in real time,” explained Jesse Lund, head of IBM Blockchain. “This enables improved transparency without sacrificing the regulatory controls and policies we need in order to make sure that there aren’t bad actors in the system. We are convening a brand new network in 72 countries that will support pay-in and payout end points in 48 currencies.”

Combining blockchain technology with the Stellar protocol, this tool makes it easy to settle financial disputes by allowing financial institutions to clear cross-border payments almost immediately. It works with most payment systems and is able to convert the currency during the process, offering a solution to cryptocurrency payments.

Conclusion

IBM is using blockchain technologies to come up with some truly innovative solutions to modern-day issues many businesses are having. Their products give companies the transparency that consumers look for as well as the security they deserve.

ABOUT THE AUTHOR

David Ford, DCM is a senior consultant, training instructor, and Blockchain enthusiast for Stone Door Group’s Hybrid Cloud practice. He has developed blockchain prototypes and courseware for a variety of Stone Door Group customers. Stone Door Group helps customers implement blockchain in a way that makes sense, enabling the digital enterprise. To speak with David and our team of experts, send us an email at letsdothis@stonedoorgroup.com.