Just about everyone has heard about blockchain (formerly block chain) – a method of digital ledger keeping that is the foundation of something that almost everyone has also heard about – cryptocurrencies – with the most famous of those cryptocurrencies being bitcoin, which … yes … just about everyone has heard.
Now, having said that we are all aware of blockchain and cryptocurrencies and bitcoin, it must be also noted that not many people know that much about any of it.
For a helpful and very … very … simplified and cosmic overview and description of blockchain, we share here an excerpt from a Fortune story, “Wait, What Is Blockchain?” published May 23, 2016, and written by Robert Hackett:
“ …. This coding breakthrough—which consists of concatenated blocks of transactions—allows competitors to share a digital ledger across a network of computers without need for a central authority. No single party has the power to tamper with the records: the math keeps everyone honest …. ”
Yet it would not be until October 2008, when a whitepaper, “Bitcoin: A Peer-to-Peer Electronic Cash System,” was published, that commenced a rapidly unfolding, if you will, chain of events, that brought the term “blockchain” popular public attention, and introduced “bitcoin” to the public dialogue. The author, or authors, of the whitepaper – commonly called the “bitcoin whitepaper” – was, and still remains, only identified by the pseudonym Satoshi Nakamoto.
Cryptocurrency quickly skyrocketed as a phenomenon, attracting masses of investors, those looking to make money trading cryptocurrency, and people and businesses figuring on how to use cryptocurrency to buy and sell (to pay and be paid).
Please click here to be taken to the Crypto Timeline, which lists … and provides links to more information about … important events in the history of cryptocurrency, starting with the publishing of the bitcoin whitepaper and on up until August 2017.
Today there are close to 1,000 cryptocurrencies. A cryptocurrency fever remains – yet one of a lower grade than the fever of years past. Skepticism and serious doubts of the viability and durability of the cryptocurrency continue to grow.
Indeed, smart and insightful technology and business minds are presenting and discussing a cryptocurrency bubble.
Still, it is important to note that many brilliant and insightful financial minds are powerfully bullish on the future of cryptocurrency.
Consider that, earlier this week, Fidelity Investments – the company which, with $7.2 trillion in assets under administration, is the world’s fourth largest asset manager – announced the launch of a company to support institutional investors trade two cryptocurrencies.
Whether or not Fidelity has bet correctly, what does continue to be hot and increasingly used, and increasingly explored for utility, is the blockchain. And, for sure, the blockchain digital ledger is a powerful and accurate form of record keeping, inventorying, and tracking that can be enlisted across the vastness of industry and human endeavor.
IBM IS A LEADER IN BLOCKCHAIN SOLUTIONS
IBM – a company that it has long been the privilege of Willwork, Inc. Exhibit & Event Services to call a client – is out front in developing blockchain solutions for organizations. Big Blue has developed a business segment dedicated to helping private enterprises and other groups use the blockchain to improve operations and delivery of products and services.
Clicking here takes you to the homepage of IBM Blockchain, an area of the IBM online presence where the company markets its blockchain services – and where is found a trove of information about blockchain, including a “Blockchain 101” tutorial on the technology (offered is a free download of the IBM eBook Blockchain for Dummies), a description of IBM blockchain solutions, and examples of how companies and other groups are winning through the adoption and use of IBM Blockchain.
“Each day, forward-thinking companies are transforming blockchain’s promise into bottom-line business results,” it is explained on the IBM Blockchain homepage. “And they’re doing it with IBM Blockchain.”
Today, Willwork is highlighting and featuring an IBM Blockchain solution which is creating a global food supply that is safer, works more efficiently, has improved sustainability, and which three days ago the company announced it is making commercially available.
IBM Food Trust is the solution; it has been in development for 18 months.
Following is an excerpt from the Forbes story, “Ready To Rumble: IBM Launches Food Trust Blockchain For Commercial Use,” by Aaron Stanley, published on October 8:
“The launch marks one of the first times that an enterprise blockchain network has been fully deployed at this degree of scale.
“The IBM Food Trust platform, as it is known, has heretofore been demoed exclusively in pilots and proofs of concept – to trace mangoes throughout a supply chain, for example. In September, retail giant Walmart announced that it would begin requiring its suppliers to implement the system to track bags of spinach and heads of lettuce [please see nearby graphic].
“But on Monday, IBM announced that its solution-as-a-service cloud platform is now available to all players in the food supply chain, a move that will likely drive unprecedented visibility and veracity into the sourcing and certification of fresh produce and proteins.”
One more example of IBM being a world leader in pioneering and innovating technology to serve humanity and commerce.
Here on the Insights blog we will continue to feature current and recent news about IBM.