Cloud Computing: IBM Scores Blockchain Deal With 7 Major Banks

June 28, 2017 Off By Hoofer

Grazed from Madison. Author: Editorial Staff.

While much attention has been paid in recent months to digital currencies like Bitcoin, with prices soaring due to fervent speculation, the underlying blockchain technology is slowly gaining steam in the technology industry. International Business Machines (NYSE: IBM) has invested in blockchain, looking to use the technology to remove inefficiencies and reduce costs for its customers.

A blockchain is a distributed, decentralized database that can be used to record transactions in a way that can’t be altered. Any process that requires multiple parties to maintain records and verify those records against those of the other parties can benefit from blockchain technology. IBM CEO Virginia Rometty put forth the example of buying a house in an op-ed for The Wall Street Journal, a process that involves various parties like banks and tax agencies, and typically takes about 50 days to complete…

While the range of potential applications for blockchain is broad, finance is an industry well-suited for this type of technology…

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