Categories: CryptoNewsTechnology

IBM Backs Blockchain Technology, Hails It as the Future of Digital Innovation

IBM recently concluded its 2018 edition of THINK, a conference that encompasses diverse digital domains and brings together some of the biggest names from the tech industry.

During the four-day long event which took place in sultry Nevada, the computing powerhouse pushed businesses, both large and small, to adopt blockchain technologies.

In addition to promoting the blockchain sector, keynote speakers at the event also highlighted various technological innovations that took place during 2017. Among the many showcases was the world’s smallest computer

, designed by the IBM team themselves.

The machine, while limited in its functionality, is designed to help organizations incorporate blockchain platforms into their supply chain systems so as to make the verification of goods and other items more streamlined and hassle-free. The primary chip used by the tiny computer is allegedly “smaller than a grain of rock salt and costs less than 10 cents to make”.

The Current State of the Blockchain Industry

As the blockchain sector continues to gather momentum all across the globe, Marie Wieck — IBM’s general manager for blockchain services — detailed the massive impact that this technology could have on the global economic engine in the future.

During her speech at the conference, Wieck spoke about the widespread adoption of this technology and the true potential of decentralization. Additionally, while speaking with a respected Australian business journal earlier this week, Wieck pointed out that the blockchain economy has the potential to be worth a staggering $3.1 trillion by the end of 2030.

Related Post

Talking about the current state of the industry, the IBM executive added:

My very simple analogy is that 2016 was all about blockchain tourism and sightseeing, and last year was pilots and proof of concepts. This year, those plans are all going into production.

Use Cases

In recent months, many novel use cases for blockchain services have come to light. For example, the United Arab Emirates has already initiated a plan to slowly weed out paper-based systems that consistently undermine inefficiency. The government aims to implement blockchain programs to help streamline work related to:

  • Verifying visa applications
  • Processing utility payments
  • Tracking and maintaining real estate records
  • Facilitating license renewals

Similarly, Sierra Leone, a country known for its history of corruption and red-tapism also successfully carried out a nationwide election with the help of blockchain software. The country’s executive body hired the services of Agora, a Swiss tech startup, to create a decentralized voting platform that would ensure a free and fair election.

What lies ahead for IBM?

With the global digital landscape changing rapidly in favor of crypto-oriented technologies, IBM has not remained far behind and has developed many blockchain solutions of its own. According to reports, IBM continues to reinvent itself by embracing the current revolution and has developed a host of cryptographic platforms to combat product fraud, enable food safety within supply chains, and provide data security to businesses.

Shiraz Jagati

Shiraz is a cryptocurrency journalist and analyst living in Melbourne, Australia. When not exploring the emerging blockchain ecosystem, he loves to play the blues and dabble in the world of meditation.

Share
Published by
Shiraz Jagati

Recent Posts

NYC Entrepreneur Wins Big with BTC: BlockDAG Could Be Next

Mia Sanders, NYC Entrepreneur, Made Millions by Investing in BTC: Could BlockDAG Be Next for…

13 hours ago

Miami Artist Earns $5.2M with Solana: BlockDAG’s Future Prospects?

A Miami Artist's $5.2M Solana Success: Does BlockDAG Hold Equal Promises for 30,000x ROI? Success…

19 hours ago

Chainlink And Aptos Investors Migrate To The Presale Of New Crypto Instant Funding Prop Firm FXGuys ($FXG)

Recent market trends show that the new DeFi coin, FXGuys ($FXG), has been the go-to…

20 hours ago

Polkadot Price Prediction; Can XLM’s Rally Hold Strong as New Crypto Brings Passive Income? 

Curious about where the Polkadot price is headed? Or maybe you’re wondering if XLM’s rally…

20 hours ago

Best Crypto Presale to Watch: Could This Be the Next 9000% Breakout Star?

Any investor can achieve outstanding profit by selecting the best crypto presale in the growing…

20 hours ago

Influential Support for BlockDAG; Updates on Solana & XRP

Crypto Influencers Eye BlockDAG’s Bullish $142.5M Presale & BULLRUN100 Offer; Latest on XRP & Solana…

20 hours ago