IBM blockchain is removing bottlenecks and increases transparency in retail business transactions. Blockchain’s immutable ledger enhances visibility, enabling companies to build an ecosystem where trust is guaranteed by the complex architecture of the technology, and cryptography. The blockchain solution formulated by IBM is designed to eliminate business barriers generated by siloed management systems, reduce settlement times and remove uncertainty between transacting parties.
Tech industry giant IBM outlines in a retail BCDB case study that blockchain will restructure established dynamics in commerce, supply chain, and marketing. Supply chain is probably the best area where blockchain’s impact can make a real difference. Multinational retail corporation Walmart has partnered with IBM to enhance food safety with IBM Food Trust, the first blockchain-based food safety solution which allows early adopters to share data with supply chain partners in a secure and trusted environment. On a similar note, IBM has partnered with Maersk to develop a blockchain-based trade platform to streamline shipping operations. This initiative has stemmed from the need to create a set of common open standards for moving goods across borders and trading zones.
In marketing, IBM Blockchain increases transaction visibility which enables retailers to streamline inventory disputes, vendor settlements, while offering customers an enhanced experience when exchanging cross-industry points.
Commercial activities are frequently delayed by drawn-out invoicing processes and payment verifications which lead to disputes, increased costs, and overall customer dissatisfaction. IBM eliminates commercial friction points by providing a shared ledger of information, visible to both vendors and clients.