IBM is a well-known name in the field of computers. The company has also started taking Blockchain patents with the help of two new applications namely the United States Patent and Trademark Office. One of the patents mention that IBM can use the Blockchain technology while the other patent mentions that IBM can use database management with the help of Blockchain technology
The inefficiency of database management systems
IBM has said that database management systems have become inefficient due to the bulk of data they have to store. The Blockchain technology will benefit IBM to streamline the solutions. The databases are used to store, manipulate, and access data, and there are separate processes of everything.
There are many other companies that are racing for getting patents for Blockchain technology. In spite of this, Bank of America already purchased 50 patents.
This is a technology that can be applied to any industry, and many companies have changed their business by using this technology. Global payments can be performed within seconds. Previously, it took months and days to make the payment.
The technology is being used to bring revolution in many industries and is also changing the way the companies are operated. Blockchain technology has also eliminated various kinds of threats which are related to central data.
In IBM, Blockchain was used as commodity trading finance for US crude oil transactions. IBM had also started new textile base Blockchain projects last year. IBM partnered with Sichuan Heijia to develop Blockchain platform which will help in purchasing and selling pharmaceutical items.
Blockchain was developed as a financial application for Bitcoin, but now it is also being used as a decentralized application which is used to eliminate intermediaries between organizations. There are many companies that have started the Ethereum platform which the developers can use to develop Blockchain applications.
Hyperledger is also starting the use of Blockchain server and client API to develop applications for financial companies. IBM has given a code for Hyperledger project which has tens of thousands of lines. This technology will help to implement the Blockchain technology easily in the business market. Various usage of Blockchain technology includes title registration, event registration, identity management, medical rerecords, transaction processing, etc.
The IBM platform for Blockchain application will help to reduce the time of isolating the source related to the foodborne epidemic. It has been estimated that in the future, the Blockchain technology and internet of things or IoT will help in food security and will be linked to machine learning and analysis.
It can be said that IBM will help the businesses by providing Blockchain platform for building various applications for different types of industries. The technology is emerging, and the developers are enhancing the technology so that it can also be used with the internet of things. The database management will also improve, and users can manage data access, manipulation, and deletion if needed. The future of Blockchain technology seems to be very bright, and it can also bring job opportunities in various sectors.