International Business Machines Corporation (IBM), are set to announce plans for developing blockchain in the coming weeks, according to a recent report by the Wall Street Journal.
The multinational technology and consulting corporation is one of the most notable names taking part in the Hyperledger Project, which is run by the Linux Foundation. The projects’ aims are to build an open-source platform that will address the current gaps in blockchain technology.
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In a statement, the foundation said that the developments will involve peer to peer lending, which will make it ideal to apply in various financial matters, including banking, manufacturing, real estate, stock trading, international financial payments, and insuring. Furthermore, IBM has also stated that it will assist its customers in implementing blockchain technologies, and that some of its high-profile customers are already experimenting with this technology. The company is also setting out to launch “IBM Garages” in various locations around the world, which will allow customers to experiment with the blockchain software.
What is blockchain exactly?
Blockchain is a recent innovation in FinTech that supports bitcoin. To put it in the simplest terms possible; the blockchain could be compared to a full history of banking transactions (bitcoin transactions are entered chronologically in the blockchain just as conventional bank transactions are), with each individual block acting as an individual bank statement. Further innovations in blockchain technology could lead to easier P2P lending, easier access to financial services, and huge reductions in the price of business.