New York based technology giant IBM has expressed resounding confidence in blockchain technology. With over 100 years dealing in the technological space; IBM believes there exists a range of untapped potential in this technology as they look to properly harness and explore its unique features.
The blockchain which has been subject to deliberations, testing and utility by multiple companies in recent years, involves a tamper-proof of distributed ledger database synchronized across a network of computers for keeping track of varying activities.
The IBM currently boasts of about 1,600 employees working on blockchain related projects and ranks top among other technology companies in headcount and investment in blockchain projects. According to a statement credited to its General Manager Marie Wieck, IBM believes that the blockchain though in its infant stages at this time, could transform business models just as the internet and also specifies its advantages to include utility in supply chains and finance.
Statistics show that lots of present day tech companies are experimenting with blockchain technology however, 90% of these tests are touted to fail or never become a part of company operations in the long run as its tech involves some level of sound risk management hence hasty companies are sure to get frustrated over implementing this emerging technology.
Technology analysts have highlighted a few setbacks of blockchain implementation to include difficulty sourcing qualified engineers for projects as it swings in its early stage of adoption and popularity. That said, blockchain advocates still believe this tech would herald a revolution and find widespread use by the general public in due time, with many specifically referencing the breakout of the World Wide Web in the 1990’s after its prior launch in 1972.
Relatively, a few others have questioned IBM’s rationality going forward with questions raised on the huge cost of funding its blockchain projects and its sustainability in the long term. Backed by negative statistics it is opined that only 1% of company executives have introduced blockchain tech into their working systems which only points further the extensive duration for blockchain’s mass adoption to climax.
In a latest development, IBM is said to be on the verge of a major partnership pact with American shipping giant Maersk to launch “TradeLens” a supply chain initiative to keep track of essential shipping data on a worldwide scale without compromising confidentiality. With over 94 companies collaborating in its testing and development phases having captured over 154 million shipping events over a multi-month period, this project is viewed as a viable alternative in digitizing global shipping and subsequent pretest to blockchain utility.