On Tuesday, International Business Machines Corp.(NYSE: IBM) confirmed its support for blockchain by announcing plans to create a new standard for blockchain software, according to the Wall Street Journal. The company is working on several initiatives that will help propel blockchain forward in the coming year and could eventually entice other big-name firms to get on board with the technology as well.
Blockchain: An Important Development
Blockchain is the ledger-like system that bitcoin runs on. However, while bitcoin has received a bad reputation as an unsafe payment method, blockchain has been touted as one of the most important technological advances of the decade.
Many believe that blockchain will eventually become a popular way for corporations from several types of industries to maintain their records as it provides a fast, safe way to record transactions that are difficult to tamper with.
Related Link: Blockchain Embraced By Mutual Fund Operators
Hyperledger
One way IBM is planning to work on blockchain's expansion is by contributing to Hyperledger – a free, open-source project that several big name companies have become involved in. The project allows companies from several industries of differing sizes to contribute to developing blockchain's functionality. Hyperledger is seen improving blockchain by making it faster and easier to use.
IBM Usage
IBM is hoping to use blockchain in order to coordinate some of its back-end systems and make the process of leasing out computer equipment more streamlined. Arvind Krishna, a senior vice president at IBM has said that he sees the technology being applied in several other industries as well— from share markets to legal contracts.
The Future For Blockchain
IBM's involvement in the development of blockchain marks a big step for the technology's forward momentum. Many believe IBM's participation will not only speed things up, but also prompt other big names to help out in developing the technology as well.
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