Can startups help re-invent the internet? IBM thinks so, and blockchain is the technology that will help them do it.
For the uninitiated, blockchain is a business transaction ledger technology that consists of a peer-to-peer network that acts as a decentralized system for the exchange of assets. It uses a shared ledger to record the history of electronic business transactions that take place in the network. The ledger acts as a single source of truth, allowing participants to view only those transactions that are relevant to them. All transactions in the network are permanent and permissioned. A blockchain network uses consensus mechanisms as the basis of trust, accountability, and transparency, instead of relying on a third-party mediator.
Naturally, IBM sees startups as excellent partners for the development of blockchain-based solutions. Open-source projects are only successful when communities of energetic, creative individuals are invested in their success. Like other projects before it, Hyperledger will require the help of entrepreneurs who see potential in the platform for building tools and applications, and creating networks of businesses that take full advantage of the technology and contribute to its success.
IBM also recently launched its new Industry Platforms unit to promote technologies like blockchain and John Wolpert (Director of Global Offerings – Blockchain) sees a huge opportunity in the startup community. Wolpert and his colleagues are working to help entrepreneurs worldwide who want to use blockchain in innovative new ways. Wolpert, who has worked with startups of his own, explains that by partnering with these companies, IBM is looking to grow a blockchain-based business network.
Want to know more about blockchain? developerWorks has you covered! Our article “Blockchain basics: Introduction to business ledgers” provides an excellent overview. And if you’re looking for a more depth, dive into our “IBM blockchain for developers” learning path, which consists of three separate courses that offer hands-on experience with the technology, along with the basics of IBM’s blockchain strategy. You can also contact a blockchain expert directly.
So in case you didn’t get in on the ground floor with v1 of the internet, it looks like you may have another chance.
Special thanks to Christian Barrera, Nik Gupta, and Tim Richer for their help with this information.
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