Blockchain on my Mind
It’s really hard to believe but I actually used to go hiking in jeans. That’s right, blue jeans. 100% cotton blue jeans.
Long before “cotton kills” became the mantra of the North Face set, everyone hiked in jeans. For years — mostly in the beautiful sunny summer, south of the Mason-Dixon line — it was actually just fine.
Until one day I got caught in a giant frigid rainstorm on Cannon Mountain in the White Mountains in New Hampshire. I quickly became soaked with icy water, my jeans drenched and hanging heavy. I’ll never forget getting off that mountain, jeans glued to my chilled skin. And then stripping down in the mountain parking lot, spreading everything on top of the car to dry out in the warm sun that had suddenly appeared.
A few years later I discovered these new zip-off hiking pants that could get wet and then dry almost instantly. This technology became a game changer for me. Suddenly, I achieved a decrease in unpleasant hiking time, a reduced risk from illness, and lower costs by avoiding a bad day on the mountain.
Blockchain, the distributed ledger that is everywhere in the news, is similar. Like with the zip-offs, some of us may be early adopters, some of us may have not even heard of it yet. But it’s a groundbreaking technology that is changing business at a breakneck speed.
Blockchain is a technology for applications that establishes trust, accountability and transparency while streamlining business processes. Approvals for items like letters of credit, invoices, mortgage verifications, clearings, and money transfers can now be done right away — and not take days to weeks to even months.
And don’t think that blockchain is just for the financial industry. The ledgers and smart contracts have great value cross-industry including supply chain, healthcare, government, retail. I’ve seen it work for shipping companies. I’ve seen an excellent use case for insurance companies. I’ve seen it replace lawyers.
IBM is part of the Hyperledger Project, a collaborative effort created to advance blockchain technology by identifying and addressing important features for a cross-industry open standard for distributed ledgers that can transform the way business transactions are conducted globally.
IBM can help with understanding which of your applications will benefit from blockchain and how to get started. Some sure indicators that a workload could benefit from blockchain include managing contractual relationships between more than two parties, complex business logic, and looking to reduce cost.
Using high end systems such as IBM z and Power systems for blockchain implementations is key. Blockchain can be deployed on these systems or connect to these systems to take advantage of the fast processors, memory, cache, hardware accelerators and cryptography, security and integration. The GoLang APIs, the RocksDB database, and the security and consensus algorithms, all on which blockchain relies, can really benefit from these features.
(In fact, lately I’ve been finding it hard to stop thinking about blockchain. True story: Late last night I was innocently reading a book on the couch about Rosemary Kennedy while someone in my family was fixing our kitchen door. And suddenly he started talking about the block plane he was using . . .)
Blockchain addresses 3 of the most important things in the world: Time, Cost, and Risk. So pick a project and get started. Like zip-offs, the world will never be the same.
The postings on this site solely reflect the personal views of the author and do not necessarily represent the views, positions, strategies or opinions of IBM or IBM management.