Blockchain Technology To Remove Friction In Transactions: IBM

Posted: Jun 28 2016, 9:07am CDT | by , in News | Technology News

Blockchain Technology to Remove Friction in Transactions: IBM
Credit: IBM

Watch IBM video explaining Blockchain tech below.

The unique blockchain technology will enable greater trust in business, creating an "all-in" economy fueled by autonomous organizations by vaporizing current frictions in the economy that are inhibiting business growth and propelling the movement of capital, a new study said on Tuesday.

"Today, a number of frictions -- such as participants of a transaction not having access to the same information or the high price of intermediaries -- add costs and complexity that drags on global business and trade," said the study done by technology giant IBM's Institute for Business Value (IBV).

"Blockchain technology -- which creates a permanent and transparent record of transactions -- will reduce or eliminate these frictions, recasting our institutions and economy in new form with far greater efficiency and far less risk," added the study.

"Distributed ledgers would become the foundation of a robust system of trust -- a decentralized platform for massive collaboration," it added.

By using blockchain technology, the enterprise can overcome complexity to scale freely, integrate vertically or laterally across a network or ecosystem, transact with super efficiency, among others, the study predicted.

"Also, new services delivered on blockchain networks would accelerate access and liberate those that were once locked out of efficient value creation to fully participate in an "all-in" economy," it said.

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<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Manfred "Luigi" Lugmayr () is the founding Chief Editor of I4U News and brings over 25 years experience in the technology field to the ever evolving and exciting world of gadgets, tech and online shopping. He started I4U News back in 2000 and evolved it into vibrant technology news and tech and toy shopping hub.
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