Learn more about how blockchain works and see it in action within the diamond industry, which has been plagued by fraud, theft and controversy.
Video: 3:35
Blockchain is a new technology that allows businesses to work together with a lot more trust. It is a revolutionary way to do business – and IBM is in the forefront of it. Blockchain has the ability to change the world in the same way that the Internet did and redefine how business happens. We are in the early days of this technology but IBM saw the potential and got in early to help develop blockchain and build solutions to solve real business problems. IBM has the most comprehensive offering in blockchain and we are working with clients and developers across multiple industries to explore how blockchain can transform how business is done in areas as diverse as banking and financial services, supply chain, healthcare, travel and transportation, media and entertainment and energy and utilities.
A blockchain solution enables the real-time sharing of information by multiple parties, eliminates repeated credit verifications, which reduces the operation process by about 60%-80% and helps make information exchanges more efficient. The smart contract and consensus mechanism integrates investment compliance verification regulations into the blockchain, and ensures that transactions are completed after contracts are satisfied and a consensus is reached.
The immutability and encryption built into the blockchain ensures that account information remains secure while allowing the quick sharing of necessary information by transaction participants. Furthermore, blockchain technology helps auditing and supervising parties quickly gain information, intervene and exercise control, thus improving the efficiency of risk management across the industry.
Source: IBM / Youtube