Blockchain technology has overtaken the popularity of cryptocurrencies as more and more companies are investing in it. As of now, 500 IBM blockchain projects are underway with around 1500 employees working on it. IBM is already a part of the Forbes list of top 50 companies that are exploring the usage of blockchain-based technology. The other companies that are also included in this list are financial giants like Bank of America, JPMorgan Chase & Co., Berkshire Hathaway Inc. and Wells Fargo.
The popularity and high demand for blockchain technology are not surprising since its applications are effective in almost all the fields from finance to the healthcare sector. Rather, this technology is evolving very fast and is manifesting itself in myriad forms as an effective solution for storing data and protecting it from unwanted invasion.
The main intention of IBM is to become early adopters of blockchain technology in all areas of working so as to take its business further. That is why; the American multinational technology company has shown its keenness towards forming multiple joint ventures. Recently the company teamed up with Maersk, a tech giant and Transportation Company. Maersk some time ago launched TradeLens, a blockchain shipping platform. IBM blockchain division is expected to derive benefits from this shipping platform that is facilitating international trade and growing at $1million/day rate.
According to ETF Trends, IBM is the leading company using blockchain technology in financial services. Its LedgerConnect app store provides financial companies option to streamline their back-end operations by making access to blockchain vendors possible. The company has understood the scope and expanse of blockchain technology and hence is exploring all the possible fields that can progress and benefit through it.
As a part of its exploration, IBM blockchain recently collaborated with a startup Hu-manity.co for building a healthcare data storage ledger, says Bitrates. The DLT will be used to properly secure the stored health-related records, manage consent and allow the experts to selectively use the patient data for commercial use.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]