IBM to Launch First Commercial Blockchain in September

[Ezekial2517]

According to the Wall Street Journal, the International Business Machines Corp. (IBM) plans on launching one of the largest commercial use cases of blockchain technology this September. The company believes it can relieve millions associated with dispute costs and holding periods between clientele.

IBM Global’s Jerry Cuomo, vice president of blockchain technologies, said the new blockchain-based internal dispute resolution software could save partners $100 million in tied up capital due to disputes. By removing third party arbitration, it will relieve its financing unit from hassles involved with disputes including paperwork, suspended transactions, and unit deals between partners.

https://news.bitcoin.com/ibm-commercial-blockchain-september/

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[Kprawn]

Bitcoin should find solutions to problems like this and offer use case solutions based on Bitcoin. We missed a good opportunity with IBM and they moved on to develop their own Blockchain based

solution to their problem. Bitcoin marketers and entrepreneurs should concentrate their efforts on micro payment problems and the associated solutions. If Bitcoin got a piece of that 40 Billion dollar

solution, we would have all benefited a lot. 

[QuestionAuthority]

Bitcoin should find solutions to problems like this and offer use case solutions based on Bitcoin. We missed a good opportunity with IBM and they moved on to develop their own Blockchain based

solution to their problem. Bitcoin marketers and entrepreneurs should concentrate their efforts on micro payment problems and the associated solutions. If Bitcoin got a piece of that 40 Billion dollar

solution, we would have all benefited a lot. 

No one is going to use the crime tool of Ross Ulbrich and Mark Karpeles when they can just copy the technology and develop their own closed untainted system. Companies don't need a system comprised of every smuck in the world running a home computer. Large companies already have networked computers all over the globe they can use to run a private blockchain and with Blocknet they can access any of the other company blockchains anytime they need to.


                 IBM Private internal Blockchain

[yayayo]

"vice president of blockchain technologies" - Can it get any more ridiculous?

I seriously doubt that you need a blockchain for the task in question. A centralized database would be much more efficient for the task in question. There is no point in using a blockchain if you run a centralized service. IBM is just burning cash.

Bitcoin should find solutions to problems like this and offer use case solutions based on Bitcoin. We missed a good opportunity with IBM and they moved on to develop their own Blockchain based solution to their problem. Bitcoin marketers and entrepreneurs should concentrate their efforts on micro payment problems and the associated solutions. If Bitcoin got a piece of that 40 Billion dollar solution, we would have all benefited a lot. 

No, a thousand times no! Bitcoin developers should focus on Bitcoin's core functionality (a sound, decentralized and fungible currency) and not invite corporations to spam the blockchain. All the value of Bitcoin stems from it's decentralized nature. Bloating the blockchain with all kinds of secondary services is harming decentralization by increasing network load.

Judging by your writing style you are not interested in Bitcoin at all. All you want is to "earn" some fiat junk money quickly, no matter what the consequences are....

ya.ya.yo!

[European Central Bank]

really interested to see what happens with stuff like this. does a private blockchain have any purpose at all? is there an actual difference between this and a shared database?

[rphk]

IBM is good company and they are started on block chain which will definitely good for technology development side.but thing is in such case not sure future of bitcoin like how it will affect bitcoin.

[Cuidler]

IBM Global’s Jerry Cuomo, vice president of blockchain technologies, said the new blockchain-based internal dispute resolution software could save partners $100 million in tied up capital due to disputes. By removing third party arbitration, it will relieve its financing unit from hassles involved with disputes including paperwork, suspended transactions, and unit deals between partners.

We should see what they come up with, but between the lines I can feel they going to use some internal dispute resolution system, which seems to be basically their arbitration although they say they removing such third party arbitration. If they told they going to use only crypto mathematical rules mantained by independend proof of work network instead, any third party arbitration or moderation wont be neccesary anymore, but then they would have a trusted blockchain solution, basicaly Bitcoin.

If Im right they come up with such privately controlled and moderated blockchain, I have feeling only banks might be interested in such IBM controlled blockchain moderating the disputes with their opinion, but those who preffer to follow exactly crypto mathematical rules to mantain the complete integrity of the ledger, going to use the most trustworthy blockchain instead, the Bitcoin.

[Divinespark]

VP of Blockchain technologies is such a ponzi, bullshit artist designation that it is outright laughable!
These pointless circuses around private blockchain use cases are hilarious

[bliss]

Bitcoin should find solutions to problems like this and offer use case solutions based on Bitcoin. We missed a good opportunity with IBM and they moved on to develop their own Blockchain based

solution to their problem. Bitcoin marketers and entrepreneurs should concentrate their efforts on micro payment problems and the associated solutions. If Bitcoin got a piece of that 40 Billion dollar

solution, we would have all benefited a lot.  

No one is going to use the crime tool of Ross Ulbrich and Mark Karpeles when they can just copy the technology and develop their own closed untainted system. Companies don't need a system comprised of every smuck in the world running a home computer. Large companies already have networked computers all over the globe they can use to run a private blockchain and with Blocknet they can access any of the other company blockchains anytime they need to.


                 IBM Private internal Blockchain

That's like saying the internet came out and IBM decided to run its own intranet. Keep in mind that IBM when it brought out the PC - used available hardware from Asia rather than developing their own - apart from the PS2 port which from what I understand was the only major innovation by IBM for the PC - apart from putting it all together. It could be using one of the blockchains as a basis for that. The internet was adopted by all and the theory with bitcoin is that likewise people will adopt it as the money equivalent of the internet.

Practically, it makes sense for them to do it. Imagine if exchanges that allowed trading bitcoin and or other crypto's was to actually use the blockchain for each trade. It would not be feasible. Every exchange uses another system which it then allows bitcoin and other crypto's to be the basis. What I can see from the OP's post is that IBM is producing something that has a specific use case such as for banks which would need a closed system - even if it was working on the dollar, even if it was working with bitcoin. It could be a problem for bitcoin, but more than likely you will find that it has a specific use case that may be needed for specific uses.

This does not mean that bitcoin is not feasible. In fact bitcoin may be more than feasible in more areas than one. I think for any organization or entity looking at what is the best technology to use for specific use cases will need to evaluate the benefits that each provides.

As a note. Bitcoin has many features and uses but it does not have certain features. Other crypto's that are not just a rehashed bitcoin but have certain features that make them valid are again not necessarily bad for bitcoin. They provide a different use case such as what we seeing Ethereum doing with smart contracts or Florin Coin with blockchain messages or DOGE coin for micro payments, bitcoin for big purchases and litecoin for every day spending.

[QuestionAuthority]

Bitcoin should find solutions to problems like this and offer use case solutions based on Bitcoin. We missed a good opportunity with IBM and they moved on to develop their own Blockchain based

solution to their problem. Bitcoin marketers and entrepreneurs should concentrate their efforts on micro payment problems and the associated solutions. If Bitcoin got a piece of that 40 Billion dollar

solution, we would have all benefited a lot.  

No one is going to use the crime tool of Ross Ulbrich and Mark Karpeles when they can just copy the technology and develop their own closed untainted system. Companies don't need a system comprised of every smuck in the world running a home computer. Large companies already have networked computers all over the globe they can use to run a private blockchain and with Blocknet they can access any of the other company blockchains anytime they need to.

That's like saying the internet came out and IBM decided to run its own intranet. Keep in mind that IBM when it brought out the PC - used available hardware from Asia rather than developing their own - apart from the PS2 port which from what I understand was the only major innovation by IBM for the PC - apart from putting it all together. It could be using one of the blockchains as a basis for that. The internet was adopted by all and the theory with bitcoin is that likewise people will adopt it as the money equivalent of the internet.

Practically, it makes sense for them to do it. Imagine if exchanges that allowed trading bitcoin and or other crypto's was to actually use the blockchain for each trade. It would not be feasible. Every exchange uses another system which it then allows bitcoin and other crypto's to be the basis. What I can see from the OP's post is that IBM is producing something that has a specific use case such as for banks which would need a closed system - even if it was working on the dollar, even if it was working with bitcoin. It could be a problem for bitcoin, but more than likely you will find that it has a specific use case that may be needed for specific uses.

This does not mean that bitcoin is not feasible. In fact bitcoin may be more than feasible in more areas than one. I think for any organization or entity looking at what is the best technology to use for specific use cases will need to evaluate the benefits that each provides.

As a note. Bitcoin has many features and uses but it does not have certain features. Other crypto's that are not just a rehashed bitcoin but have certain features that make them valid are again not necessarily bad for bitcoin. They provide a different use case such as what we seeing Ethereum doing with smart contracts or Florin Coin with blockchain messages or DOGE coin for micro payments, bitcoin for big purchases and litecoin for every day spending.

Exactly right, it's not bad for Bitcoin. It simply means the best components of Bitcoin will be used to make trustworthy systems from reliable big names that average consumers will use. No need to trust the system that makes Bitfinex and Mt Gox possible when I can use the Blockchain from Wells Fargo.