Blockchain database is a concept that is slowly becoming deeply ingrained in the vocabulary of the tech community and a constant presence in the speech of entrepreneurs who are actively searching for new ways to implement this technology into their business.
The clear-cut advantages and flexibility have brought blockchain under the scrutiny of governments from all over the world, as well as international organizations that are trying to regulate the impact of this technology in multiple areas of activity. It’s no surprise that tech industry giant IBM has taken an active interest in researching and creating its own version of the technology, IBM Hyperledger.
According to IBM, Hyperledger is designed to be a foundation for developing industries apps for BCDB case studies with a modular architecture that supports multiple plug-and-play components such as consensus and membership services.
To demonstrate how companies can rewire their industry with this innovative technology, IBM provides a series of case studies which outline challenges and how blockchain can provide an answer:
- Automotive: streamlined mobility services, supply chain traceability, increased trust, and visibility in financial transactions, digital identity
- Banking and financial services: enhanced customer experience, trust, micro-transactions
- Government: digital asset registration, record availability, fraud prevention, digital identity
- Healthcare: patient owned medical records, enhanced clinical research
- Insurance: immutable transparent records of ownership, decrease reconciliation processes
- Media and entertainment: eliminate fraud, automate royalty payments, immutable record of intellectual property ownership
- Retail and consumer goods: ensure the authenticity and safety of goods, improved supply chain operations, ensure product traceability
- Travel and transportation: enhanced customer experience, eliminates redundant data, improves visibility and transparency of transported goods