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29 Mar 0

IBM Blockchain Oil trade platform: a new innovative project

IBM – together with a group of other companies – has announced the development of a new blockchain-based crude oil trade finance platform.

This group also includes Trafigura and Natixis bank that decided to join the creation of this new tool.

The platform was created by using code from the Linux Foundation-led Hyperledger project. Also, IBM’s BlueMix cloud hosting service is utilized.

Thanks to this trade finance platform, users can view transaction data on the blockchain that also hosts documentation and updates on shipments, deliveries and payments.

Natixis is also a member of the R3 distributed ledger consortium and isn’t new to blockchain-related trade finance applications because it also joined the “Digital Trade Chain” project a few months ago.

According to, Natixis’ head of global energy and commodities, Arnaud Stevens, the bank believes the technolgy as a high potential of bringing down expense and boosting procedural transparency.

These are his words:

“We want to use blockchain to optimize the antiquated arena of commodity trade finance. The current process is paper and labor intensive, we have multiple friction points with high processing costs and limited automation. Distributed ledger technology brings some much-needed innovation into our industry.”

This news is only the latest related to projects that aims at bridging of the blockchain and trade finance worlds.

Also, we have to say that this is an application that attracted much interest from a wide range of companies and governments worldwide, including Dubai.

In the meantime there are also several other worldwide banks that are continuing to push ahead with related projects focused on the blockchain and commodities trade.

A few days ago, in fact, Dutch bank ING is working on an oil trading pilot built on the Ethereum blockchain that has already conducted live transactions.

 

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Amelia Tomasicchio
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Articles
blockchain_healthcare
12 Jan 0

Blockchain Healthcare Applications for US FDA

The US Food and Drug Administration (FDA) revealed today its intent to study Blockchain Healthcare Applications.

The American agency who approves and regulates medical products announced its decision in a press release published by IBM Watson Health, that will team together with the FDA.

IBM will study how data from electronic medical records, clinical trials and health data from devices can be better shared and audited by using the distributed ledger.

To do so, it is not clear if IBM and the FDA will use a private blockchain or the Bitcoin one. Details may be published during next months.

Initial tests will be focused on clinical trials and real-world evidence data related to oncological data.

However, the two companies positioned the trial as one that could one day mitigate the potential of patient privacy breaches during electric exchanges.

The official press release revealed:

“By keeping an audit trail of all transactions on an unalterable distributed ledger, blockchain technology establishes accountability and transparency in the data exchange process.”

According to the press release, the IBM and the FDA will work together for a two-years period and their goal is publishing their researches in 2017.

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Amelia Tomasicchio
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adoption, blockchain, news
ibm watson min
10 Jun 0

IBM Watson uses the Blockchain in Singapore

ibm watson
IBM Watson project and the Bitcoin blockchain are two new technologies that might change the way we live and work in the near future.

 

Today tech giant IBM opened a new incubator with 5,000 computer technicians that aim at creating several prototypes by using the IBM Watson AI tools and the Bitcoin Blockchain.
This innovative environment is called the Watson Centre and it is situated in the Marina Bay in Singapore and in the IBM Garage, specialized in developing blockchain applications thanks to the IBM Open Standards tools within the Global Entrepreneur program that was launched back in 2010.
Randy Walker, CEO at IBM for the Asian zone, explained this project with these words:
“Watson and blockchain are two technologies that will rapidly change the way we live and work, and our clients in Asia Pacific are eager to lead the way in envisioning and creating that future.”

IBM Watson and blockchain

 

This new center comes thanks the study of the distributed ledger applications started back in 2015 when IBM joined the Hyperledger project.

Also, at the beginning of 2016, Chris Ferris, CTO at IBM, became the project leader of the aforesaid open-source blockchain project.

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Amelia Tomasicchio
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Articles, Asia, bitcoin, blockchain, hyperledger, ibm, watson
15291794079 266595f00e z
6 Apr 0

Artificial intelligence connected to the blockchain thanks to IBM

ibm works on Watson artificial intelligence connected to the blockchainIBM is working on an artificial intelligence that will use the blockchain.
Thanks to the possibilities offered by the blockchain in terms of value exchange, the IBM artificial intelligence will be able to analyze tons of data in a small portion of time.
And thanks to Tim Hahn this will happen for real. He explained to CoinDesk:
“What we’re doing with blockchain and devices is enabling the information those devices supply to effect the blockchain…You begin to approach the kind of things we see in movies.”
The blockchain applications will include the possibility to allow devices to perform tasks at a certain set time.
Also, the devices wil be registered on the blockchain and – thanks to smart contracts – different types of access will be created, allowing lots of functionalities and customization.
For example, thanks to the blockchain, Watson software could be updated remotely.
“You better be ready to actively update your devices throughout the lifecycle of your devices. Vulnerabilities will be discovered long after the device is released”, commented Hahn.
Unfortunately Watson is still in a development phase and we don’t have more details about this disruptive invention.
“Its early days and we’re just playing around with prototypes now”, explained Hahn.

IBM invests in the Internet of Things

It was March when IBM announced its decision to invest $3bn to build an entire office that would be dedicated to the Internet of Things (IoT), or the smart connection between devices and Internet.
In a press release IBM explained that the company predicted to earn $235bn by the end of 2016 and an increase of 22% from 2014.
The statement also predicted 6.4 billion devices that will be used worldwide within the end of 2016, an amount that will reach 20.8 billion in 2020.

Previous statement

IBM, in fact, is also working on the Hyperledger Project, an open-source blockchain led by The Linux Foundation. Presented in December, this project stars thirty companies including ABN Amro, CME Group, Red Hat and several blockchain startups.

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Amelia Tomasicchio
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Articles, artificial intelligence, blockchain, hahn, ibm, internet of things, tim hahn, watson
algorithmes
12 Feb 0

‘We’re All in on Blockchain’, says IBM

“We are all in on Blockchain”: these were the words of IBM Director John Wolpert during the today Blockchain Conference in San Francisco. According to Wolpert the blockchain needs a more collaborative approach, which is not always guaranteed by the blockchain developers.

 

 

So it seems that the worldwide company IBM wants to ensure itself a leading role in the market solutions related to the blockchain.

 

In fact, IBM is working on the Hyperledger Project, an open-source blockchain led by The Linux Foundation. Presented in December, this project stars thirty companies including ABN Amro, CME Group, Red Hat and several blockchain startups.
“It’s amazing how many smart and genius people are behind bitcoin, but they miss some logic here. You don’t need to go from trusted to trustless on everything. I think that’s an honest disagreement. The Internet is a permissioned walled garden. Anyone heard of ICAAN [Internet Corporation for Assigned Names and Numbers]? It’s permissive, but it’s permissioned”, said Wolpert.
Hyperledger Project’s goal, he continued, is to be an evolution of the first generation projects such as Bitcoin and Ethereum, that gather all the best projects that leverage on the blockchain together with all the stakeholders that will potentially use such technology. This is necessary if we want to have a widely used transactional protocol.
“It has to be immutable and modular. It can’t be this is the consensus algorithm, this is the token, all of that has to be modular. It has to be scalable. Interledger-ing is important. You have to inter-op between chains and different things”, he said.
During his speech Wolpert also emphasized IBM’s experience in consensus algorithms and distributed computing during the last 30 years.
It’s thanks to such experience that IBM was able to conduct the Hyperledger Project, that Wolpert sees as the only way to bring all the different stakeholders to the same table and make them work together to build and open-source blockchain platform that can be used in many different areas, as it is for Linux.
“We’ve been doing projects on every kind of blockchain. We’ve been doing that for a couple years and now we have a whole unit. We announced [we worked with] the Linux Foundation […] At that point, we went all in on blockchain”.About the author: Amelia Tomasicchio is a writer and a journalist of Bitcoin-related news and articles. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.

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Amelia Tomasicchio
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Articles, bitcoin, blockchain, decentralization, Ethereum, ibm

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