IBM told investors in a briefing last week its blockchain solutions have more than 400 corporate users that are currently managing various projects on the emerging technology. Among IBM’s customers are giants like Nestlé, Walmart, VISA, and HSBC.
A total of 63 companies are collaborating in IBM-led consortiums with various themes. Thus, 25 companies testing IBM’s blockchain operate in global trade, 14 are in global payments, and 15 deal with food supply chain management.
Blockchain is no longer associated just with cryptocurrencies or unknown fintech startups. IBM is successfully promoting the technology to established corporations that seem to be interested in its potential. The main reasons blockchain has got big companies excited are the opportunities it offers for transparency, security, low-cost, and lack or reduction of intermediaries in the tracking process.
Most of the blockchain networks are open-source, meaning available to the public. However, IBM primarily operates the so-called permissioned networks, which have two sets of data: one available to the public and another hidden behind passwords and crypto mechanisms.
We reported in November that IBM was collaborating with Walmart on a global food safety project. The objective is to allow Chinese consumers to track the journey of their food products with their smartphones. Other partners in the food industry are Nestlé, Unilever, and Kroger.
In global shipping, the blockchain provider is working with Maersk, Dow Chemical, and DuPont. In mid-January, IBM and Maersk started a blockchain platform to boost trade processing and cut costs.
IBM’s blockchain technology is also implemented in the finance industry, with Societe Generale, HSBC, WeTrade, Unicredit, and Santander being top partners. The US tech giant is also working with payment providers like VISA, BBVA, CIBC, EarthPort, and Polynesian payments platform KlickEx.