IBM release in September APPLICATION BLOCKCHAIN that can revolutionize the industry!

IBM has plans bring to market in September its blockchain application system that could revolutionize the way in which markets and industries thanks to its functions operate.

This company has been developing an application that is designed to resolve conflicts of companies with customers and partners. A blockchain system would be used to track the components of the operations performed by companies, so employees will not have to retrace their steps to determine at what point of the operation was a failure, thus reducing the time to resolve a conflict between the companies and their customers or partners.

IBM created a system based on blockchain collect specific data in all areas of its operations. The arrival of a purchase order, the time of transfer of a payment and when the payment is made; aspects that the system will be registered at the same time working with financial applications that IBM is already running. With these new mechanisms the company plans to release about one hundred million dollars in annual average capital that at some point they become immobilized by transaction dispute situations in the area of IBM Global Financing.

All this because in just one year at IBM it had 25,000 controversies due to a wrong number of computer parts in an order or deliveries that are not well made.

Currently the resolution of a dispute could take up to 44 days as indicated by Jerry Cuomo, Vice President of Technology Blockchain for IBM's business, however, also he said that after months of testing the system resolution time has been cut to only 10 days. Given the great potential for success demonstrating system testing, IBM plans to sell the software dispute resolution as part of their own blockchain platform, but has not yet reached an agreement on what the price of the system.

Note that IBM is considering using the blockchain system for tracking parts of their own suppliers. This way to streamline operations and track parts used is similar to the Toyota Financial Services has planned to track car parts between factories and countries.

Don Tapscott, CEO of The Tapscott Group said about the application:

When you think about buying a burger at a store, you could know everything about how they fed to animal, what kind of antibiotics were used and the way it moved through the supply chain.

Don Tapscott
CEO, The Tapscott Group

The idea that a system allows a supply chain can have a permanent record search and origin of products, could dramatically increase the adoption of systems blockchain by companies. Financing by companies, banks and governments to develop and experiment with systems to digitally track the ownership of assets is increasing, so it should not surprise anyone than a system as it plans to launch the IBM market success .

The blockchain definitely change the world of finance and the future of cryptocurrency is very encouraging!

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