The corporation plans to implement a blockchain project that will allow the company to deal with dispute resolution more effectively and at a lower cost. The scale of the prospective network is unprecedented.

IBM Global Financing is the world’s largest IT company, which provides customers with technical solutions for faster growth. They finance computer equipment, software and IT services. The company expects that the implementation of the blockchain technology will help to facilitate resolution of legal disputes and reduce expenses in the company’s financial activities.

“The fact that in any given year we see about 25,000 disputes within the lending network and this ties up cash, in some cases it can be significant cash... $100 million at any given time... could be held up in disputes. It should be made more efficient so a dispute did not take 40 days on average to resolve,” comments Vice President of Blockchain Technologies Department Gennaro Cuomo in an interview with CoinTelegraph.

Earlier this year, IBM demonstrated the feasibility of blockchain concept in the field of litigation. They recorded 2 years of transactions on their lending network and tested the speed of disputes resolution with the new technology. As the experiment proved, on average it took 10 days to resolve a case.

IBM approaches the study of the blockchain technology from three sides: community, cloud services and clients. The company monitors the technology within the project Hyperledger curated by the Linux Foundation and intends to support it, providing its client services through the cloud. In addition, IBM expands the application of the blockchain into new areas, such as supply chain, auditing and client engagement. They have launched a service for developers IBM Garage, which helps companies create engaging apps with the help of IBM Design Thinking. This service is a useful tool to attract customers and it also supports the work of the distributed database technology worldwide. The company has centres in New York, Singapore, London and Tokyo, where IBM is working with clients in the field of blockchain design.

“Blockchain has captivated the imagination of banks and many financial institutions, stock exchanges etc. You know how you can let them have settlements instantaneously instead of 3 days. All of this is within the realm of possibility now with Blockchain. I would say the more diverse the audience interoperating in the Blockchain network, again the longer things will take to get to production. However, there are many, many starting points that in my terminology I call moonshots, things that are absolutely worth striving for,” says Gennaro.

Previously, the company announced the launch of a new platform based on LinuxOne server, which allows companies to test blockchain in their supply chains. The launch expanded the range of services based on new technology in IBM, which actively explores blockchain implementation, providing new services in B2B.

Lena Gabdullina