Revolutionary by nature, blockchain is a way to distribute data across multiple servers in a fixed, and un-hackable format. No wonder technology companies are waking up to the potential opportunities it provides.
IBM and Intel Fund San Diego Lab
These tech giants are funding the launch of a research lab at UC San Diego to unearth blockchain mysteries. Called BlockLAB, it’ll include 20 people that will dig into the technical, legal, and business questions surrounding the new technology.
“One of the oldest lessons we know of new technology is that the thing introduced is rarely the thing eventually adopted,” says James Short, co-founder of the Center for Large Scale Data Systems, as quoted by the San Diego Union Tribune.
“The web is the obvious example of that. We’re in the early stages (of blockchain) with limited understanding of implications of this technology. We want to be part of that evolution so we understand and contribute as it moves forward.”
One of the reasons for the San Diego locale
San Diego is quickly emerging as a blockchain community. In fact, many local startups, including eSmart Tech, are turning to this technology for the advancement of their business models.
The more they learn about the technology, the more their confidence grows.
IBM No Stranger to Blockchain Technology
IBM launched its blockchain-based ledger that will track food supply chains.
Known as IBM’s Food Trust Ledger, it will allow food retailers, suppliers and growers to see the supply chain in real-time. Therefore, this will allow for enhanced transparency. Furthermore, it will provide a technique to trace both the origin and safety of food. The last thing we need is unsafe lettuce again.
Additionally, the company introduced its Blockchain World Wire. This is a new payment system that relies on the Stellar blockchain. It will use digital currencies to settle cross-border payments. The goal is to ensure the quick movement of money in a reliable manner. Moreover, it will eliminate intermediaries and with it the potential for crime common in the process of international money transfers.
According to Jed McCaleb, founder of Stellar Foundation, “The use of Stellar protocols by IBM will develop the network massively. In addition, the new platform will change the way money is moved in the world improving international transactions.” This will lead to the inclusion of developing countries in the advanced financial solutions.
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