Getting real with blockchain at Consensus
Last year, Consensus was the blockchain event to attend, and this year it’s shaping up to be the same. Presented by CoinDesk, the blockchain technology summit in New York City will feature more than 100 speakers and draw a crowd of over 2,000 attendees. However, a few things will have changed. In 2016, industry leaders were enthusiastically discussing how they would test blockchain technology in various proof of concepts. Blockchain was coming and the way to stay ahead was to explore and embrace the opportunities that disruption would bring. Participants at Consensus 2017 will encounter a whole different atmosphere as blockchain has now been brought to life in several production environments.
Blockchain in production
Blockchain is the underlying distributed ledger technology of Bitcoin, so that is of course the first example of it in production. However, there are many other uses for this technology, and some have already been established. Several IBM Blockchain clients are making blockchain real in a diverse array of use cases and helping to transform their industries in the process.
- Northern Trust launched the first commercial deployment of blockchain technology for the private equity market. Blockchain allows a fund to transfer ownership stakes and be managed, serviced and audited throughout the investment lifecycle. The solution is currently available to clients on a selective basis.
- Walmart is using blockchain to advance food safety through increased transparency and efficiency along the supply chain. With blockchain, foods can be digitally tracked from source to customer, better ensuring authenticity and making it possible to issue selective recalls in the event a product is contaminated.
- Maersk built a blockchain solution designed to help manage and track shipping containers across the world by digitizing the supply chain process from end-to-end. Blockchain can enhance transparency and facilitate secure sharing of information among trading partners. The solution is expected to be widely available to support multiple parties across the ocean shipping ecosystem later this year, and, once adopted at scale, it has the potential to save the industry billions of dollars through reduced administration costs and the elimination of delays due to documentation errors.
Key to putting blockchain in production for business networks is the technology it is built on. These blockchain solutions are based on the Hyperledger Fabric, an open-source transaction framework built for enterprise and maintained by Hyperledger, an openly governed community hosted by The Linux Foundation.
The future of blockchain
Blockchain is real and it’s here to stay. How much it will change the business world as we know it is yet to be seen. Will you contribute to its foundation and help advance blockchain as an enterprise-class, cross-industry open standard for business transactions? Or will you stick to the sidelines? Learn how you canreimagine your industry with blockchain and register for Consensus 2017 to be part of the transformation.