How blockchain is becoming more of a business tool than a technology according to IBM

Quick take

1 minute read

• Ever since bitcoin hit $20,000 in 2017 many institutions were getting involved in the world of crypto as well as the technology behind it, blockchain in the hope that it would provide better collaboration in business data and transparency.

• This has been going on for several years now and as blockchain and cryptocurrency has grown and mature, numerous more companies are looking into the technology as more of a tool for business, specifically digitalisation.

Ever since bitcoin hit $20,000 in 2017 many institutions were getting involved in the world of crypto as well as the technology behind it, blockchain in the hope that it would provide better collaboration in business data and transparency.

This has been going on for several years now and as blockchain and cryptocurrency has grown and mature, numerous more companies are looking into the technology as more of a tool for business, specifically digitalisation.

Alistair Rennie, the general manager at IBM blockchain has had a keen eye on this growth in the industry and recently gave an interview with Cointelegraph discussing more about the technology and the landscape that it provides.

Interestingly though, when discussing the future of blockchain in IBM and where it was going to go, Alistair said the following:

Now that blockchain has been in the marketplace for a reasonable number of years… we’ve come to understand that blockchain fits into the enterprise architecture in its ability to allow companies to digitize their business processes with other companies. This shows that blockchain is evolving from a technology into a real business tool and that adoption can happen really fast. For example, when COVID-19 began, we saw phenomenal examples of cross-company data-sharing using blockchain as the mechanism. But what was really impressive was the speed.

This is interesting because it shows that IBM has waited patiently to see where bitcoin was going when it was all the rage in 2017. Now that the company have an idea of where bitcoin is going and where it is right now, it seems that they are going to adapt to it to make it work for them.

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