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IBM offers Blockchain services to the supply chain

IBM just announced that it launched a platform where companies can test blockchain technology in their supply chain. Its first user is a London-based start-up called Everledger.

Blockchain is a digital technology which allows for a specific way to structure data. It allows users to share a digital ledger across a large computer network, without needing a central authority. It is also the underlying technology supporting vastly popular cryptocurrency, Bitcoin.

But even though many companies, financial institutions and individuals have embraced Bitcoin, and Blockchain as means of financial transactions, not many have used it in supply chains, even though the technology can have much wider use than just finance.

Now, IBM's supply chain customers can build, and later test these blockchains in a secure cloud environment, throuh IBM LinuxONE.

Its first user is Everledger, a company that tracks and protects diamonds and other valuables via the blockchain. According to IBM, Everledger will use the platform to track valuable items through the supply chain, helping to protect suppliers, buyers and shippers against theft, counterfeiting and other forms of corruption.

"When you are in the business of provenance, secured records, access and transparency are everything. There is no compromise when it comes to security and one cannot underestimate the expertise required to enable this," said Leanne Kemp, CEO and Founder of Everledger.

"Having the opportunity to build, test, scale and refine Everledger on IBM Blockchain, underpinned by a security-rich infrastructure, is a game changer. It has accelerated our ability to move fast and deliver the most innovative solutions to our partners internationally and confidentially."

Image Credit: JuliusKielaitis / Shutterstock

Sead is a freelance journalist with more than 15 years of experience in writing various types of content, from blogs, whitepapers, and reviews to ebooks, and many more, across sites including Al Jazeera Balkans, TechRadar Pro, IT Pro Portal, and CryptoNews.