Blockchain can reimagine the world’s most fundamental business interactions and open the door to invent new styles of digital interactions.
Jerry Cuomo (IBM Fellow, VP, and CTO of Middleware) opens his remarks by saying, “We believe will fundamentally change the way we do business.” He says that IBM’s efforts in blockchain are “open by design.”
Jerry Cuomo starts with some “blockchain 101.” He discusses some common use cases that may be radically changed by blockchain technology:
Jerry Cuomo says the common element in these use cases is that they take several days to “settle” and that, “Blockchain can reimagine the world’s most fundamental business interactions and open the door to invent new styles of digital interactions.” Jerry says the game changing element of blockchain is it’s ability to reduce the time it takes to settle multiparty transactions. Blockchain can also reduce the cost of these transactions and reduce risk of tampering with the transactions.
Jerry Cuomo explains the concept of a “ledger” in blockchain technology:
Jerry Cuomo introduces Hyperledger®, which is being launched through the Linux Foundation® . It’s goal is to make blockchain ready for business. They are looking at enhancements that will be needed for business applications such as a permission model, audit mechanisms. Jerry says that IBM has offered 45,000 lines of code to Hyperledger® to help make blockchain technology ready for business.
Watch the other presentations from the IBM Open Tech Summit 2016.
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