Blockchain is reinvigorating IBM

Blockchain is becoming a key for many of the original tech companies as they reinvent themselves to meet contemporary technology needs and customer desires, according to the Chicago Tribune. International Business Machines Corporation (IBM) has rented out as many as 60 data centers worldwide for the Bitcoin-dependent enterprises using the blockchain. The open source code has become an opportunity for the tech giant to boost the potential of blockchain for everyone, even start-ups, to participate in transactions the platform.

As industries such as freight and logistics have started dipping their big toes into the big new pond called blockchain, the market is predicted to grow to as much as $7.7 billion in 2022, according to the business think-tank firm Markets & Markets.

The demise of databases that were once the claim to fame of tech behemoths like Oracle Corporation turned out to be a false prophecy. Thanks to blockchain, those databases are again in vogue. With companies like IBM and Microsoft shifting their sights to cloud-based solutions, old databases end up becoming useful in a different era.

This is why IBM Blockchain’s Vice President for Technology, Jerry Cuomo, takes pride in cornering a major slice of the pie in this solution, which leads to additional sales. “Our sales team loves blockchain because a customer that is buying blockchain rarely walks out of the store with just blockchain. They walk out with multiple things in their cart.”

As a network is used by more than one company, trust is established in trade. Transactions are recorded in a way that makes it difficult for one party to change or edit what was already written. Everyone in the blockchain is informed of the transactions.

Stay up-to-date with the latest commentary and insights on FreightTech and the impact to the markets by subscribing.