Blockchain Technology Pumps A New Life Into Older Companies Including Visa And IBM
Blockchain has been getting bigger with the Big Blue. The recent technology is creating fuzz about this technology because of the innovations it has.
Beyond the cryptocurrencies, this ledger technology has a greater demand and is also known for supporting the bitcoins. According to the 2018 statistics…, this technology is one of the latest with the largest capacity and as well as users.
It is amusing to know that there are around 60 data centers of Blockchain technology at the International Business Machines Corp. that rented out them to various international organizations. As you scroll down the list, you can see few huge names like IBM.
The blockchain has been contributing to code this encouraging startup and also to establish an open source, where the firm can try it in the cloud.
IBM has been a 106-year-old company that has invested things for the blockchain, showing how far the digital ledger has gone. Since the starting days, this company is biased towards the cryptocurrencies and also the ledger technology.
According to a report made by Markets & Markets, it is estimated that there is an intense surge of blockchain products from $242 million in 2017, which will reach around $7.7 billion by 2022 given the growth.
Therefore, there is a possibility to create new opportunities even for the oldest warships in the world, for the companies like Microsoft Corp. and IBM.
These companies are known to try out the new services ever since. With their products going out of vogue like Oracle Corp, the transition to the cloud services are going to make things happen for them, again.
Jerry Cuomo, the vice president of IBM’s technology department says, ‘All of the products here will get a new turn, because of the ledger technology.
All our teams absolutely love blockchain because the customers who come to buy the blockchain, usually walk out of our stores with carts that contain more than just the blockchain.’ What is the reason behind that, if you ask?
Because all the companies and third parties that are involved in the supply chain technology can use the blockchain and it is spurring to revise IBM, for the way it usually deals with the sales executives. Previously, the sales representatives are paid only when the customers buy the IB technologies.
Now, they are only offered commissions for every blockchain technology that has been brought. As a result, the sales team started encouraging people as well as other companies to actually join them in using this technology.
The blockchain technology enables the companies to do business as well as help them in recording the transactions carefully. The strength of it lies in transparency and also, the security.
These records can’t be changed neither can be recorded. When compared to the conventional database, the blockchain technology has highest storage, allowing us for more analysis as well as nuanced insights.
It holds the contacts, the car documents and all the virtual keys which can be shifted to your bank account, as well. Roger Kay, the head of Endpoint Technologies says, ‘Blockchain is the brightest technological sector, today.
The infrastructure is beefy and therefore, it holds the potential of a larger revenue pool when it is associated with software, equipment and as well as related blockchain installation services as well’.
Before blockchain technology, the companies used to rely on their databases to store the data. However, even with that, they have hired many third parties for the cloud use. But with the invention of blockchain technology, things have been elevated to another level.
According to Amit Zavery, the vice president of Oracle Cloud, “In the traditional databases, there is a single data copy which is used as a reference for all the parties. But because of the distributed nature of the blockchain technology, all the peers can contain multiple copies of data.
This expands the data storage on the businesses and also the industries that have high rates of transactions.” Oracle has announced the formation of the Blockchain cloud technology which helped the customers in extending the applications like the resource management.
Many industries in supply and manufacturing chains are testing the Blockchain cloud services while the Microsoft has expanded the partnership with the consortium R3 so that things will get easier for them to deploy the technology.
Bigblue, one of the many companies who have been behind the nonprofit project and also the Hyperledger consortium aims to form standards for both the financial and commercial use of the blockchain technology.
The IBM is also known to offer a free blockchain trial for the cloud. Around six of the 10 corporations have considered using the blockchain technology, based on the Juniper Research Survey that contains around 400 managers, executives and as well as the tech stuff.
Therefore, the technology use has been increasing day by day and it includes Visa, IBM and even the Walmart stores for the speedy payments and as well as to maintain the store records.
The blockchain deployments usually bump up with the sales growth in the databases, the cloud services and also the servers almost by 35%.
According to Susan Eustis, the WinterGreen Research chief executive officer, this technology will be pushed by 55% of the companies that have more than 1000 employees, which is only around 17% today. As a result, it is clearly understandable why the blockchain technology should be adopted by all the companies around the world.
Concluding, we can understand by now that blockchain technology is almost a revolution and as well as a rebellion. By incorporating it, IBM is now selling more systems that can deliver the transactions, the API systems for easier communications, the web-interfaces which can create web app environments with the blockchain technology.
The sales of all the databases could rise, because of the blockchain technology, where there will be a lot of excitement and as well as momentum in this space. Altogether, it is high time that all the companies should use this technology for both financial and as well as exponential growth.