Blockchain pumping new life into old-school companies like IBM – Tech News

 IBM also offers companies a free trial of blockchain in its cloud. — Reuters
Blockchain is getting bigger at Big Blue. Demand for the technology, best known for supporting bitcoin, is growing so much that it will be one of the largest users of capacity next year at about 60 data centers that International Business Machines Corp. rents out to other companies around the globe. IBM was one of the first big companies to see the blockchain’s promise, contributing code to an open-source effort and encouraging startups to try the technology on its cloud for free. That a 106-year-old company like IBM is going all in on the blockchain shows just how far the digital ledger has come. The market for blockchain-related products and services will reach US $ 7.7bil (RM31.45bil) in 2022, up from US $ 242mil (RM988.33mil) last year, according to researcher Markets. That’s creating new opportunities for some of the old warships of the technology world, companies like IBM and Microsoft Corp. that are the transition to cloud services. And products that had gone out of vogue, such as databases sold by Oracle Corp., are becoming sexy again. “All of these things will get a new life for the sake of blockchain,” said Jerry Cuomo, vice president of technology for IBM Blockchain. “Our sales team loves to blockchain. They are walking out with multiple things in their cart. ” Because of the numerous companies – such as all parties involved in a supply chain – can use the same blockchain, it’s spurring IBM to revise the way it compensates sales associates. In the past, sales reps got paid when their customers bought IBM technologies directly. Bright sector The blockchain allows companies doing business with each other. Its strength lies in its trustworthiness: It is difficult to reverse or change what’s been recorded. The blockchain can also hold many more documents and data than traditional database storage, allowing for more nuanced insights and analysis. “It can also be embedded, such as a lease for a car,” said Roger Kay, “Blockchain is one of the bright sectors in technology.” president of Endpoint Technologies Associates Inc. “Since the blockchain infrastructure is fairly beefy, there will be a large pool of sales associated with sales of equipment, software and related services for blockchain installations.” In addition to hiring third parties for cloud use, companies will rely more on their own databases for storage, said Amit Zavery, senior vice president of the Oracle Cloud Platform. “In the traditional database systems, there is only one copy of the data for all parties to reference, but blockchain’s distributed nature means” all of the peers now hold a copy of the data, “Avery said. ” QuickTake: All about bitcoin, blockchain and their crypto world In October, Oracle announced the formation of Oracle Blockchain Cloud Service, which helps customers extend existing applications like enterprise-resource management systems. A month earlier, rival SAP SE said customers in industries like manufacturing and supply chain were testing its cloud service. And on Nov. 20, Microsoft expanded its partnership with consortium R3 to make it easier for financial institutions to deploy blockchains in its Azure cloud. Big Blue, meanwhile, has been one of the key companies behind the Hyperledger consortium, a nonprofit open-source project that aims to create efficient standards for commercial use of blockchain technology. Wal-Mart, Visa Almost six in 10 large corporations are considering using blockchain, according to a Juniper Research survey of 400 executives, managers and tech staff. The technology is increasingly being tested or used by companies such as Wal-Mart Stores Inc. and Visa Inc. to streamline supply chain, speed up payments and store records. Deployments of blockchain should be increased by 35%, according to Susan Eustis, chief executive officer of WinterGreen Research. Within five years, blockchain technology will push more than 55% of large companies with more than 1,000 employees, up from 17% today, she said. IBM is selling more messaging systems to deliver transactions into the blockchain, web-interface products and APIs, to better communicate with the chain and web app environments, Cuomo said. “We are seeing a lot of momentum and excitement in this space,” said Matthew Kerner, partner general manager for blockchain at Microsoft. – Bloomberg
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