WIRED interview uncovers the impact of IBM Blockchain on financial markets and other industries.
Implement IoT and blockchain for accountability and security
The Internet of Things can translate existing device data, from one or more device types, into the format needed by the blockchain contract APIs. The blockchain contract doesnt need to know the specifics of your device data.
IBM Blockchainprovides the private blockchain infrastructure of distributed peers that replicates the device data and validates the transaction through secure contracts.
Moving freight is a complex process involving different parties with different priorities. An IoT-enabled blockchain can store the temperatures, position, arrival times and status of shipping containers as they move through the system. Indelible blockchain transactions ensure that all parties can trust the data and take action to move the product quickly and efficiently.
The ability to track the components that go into an aircraft, automobile, or other vehicle is critical both for safety and regulatory compliance. IoT data stored in shared blockchain ledgers enables all parties to see component provenance throughout the vehicles life. Sharing this information with regulatory agencies, shippers, manufacturers and so on is secure, easy, and cost-effective.
IBM chief architect for IoT security and IBM Fellow for Watson Internet of Things discuss how IoT and blockchain are converging.
The IoT filters device events and sends only the required data to the contract.
Integrate Watson IoT Platform with blockchain
IoT offers new digital interactions and an infinite number of possibilities for transaction systems.
With IBM Blockchain, you can be confident that contractual obligations are met all along the road.
Move freight with multiple transport companies, ensuring transparency and timely delivery.
Use IoT and blockchain as a shared ledger to maintain an accurate and indelible history of your critical components.
IBM IoT Lab Services offers a set of customized service engagements, enabling you to experiment and innovate with the IBM Watson IoT Platform and blockchain technologies.
The Watson IoT™ Platform has a built-in capability that lets you add selected IoT data to a private blockchain. The protected data is shared among only the business partners involved with the transaction.
Store operational and maintenance records in the indelible blockchain ledger for sharing among business partners or for regulatory purposes.
The Internet of Things enables such devices to send data to private blockchain ledgers for inclusion in shared transactions with tamper-resistant records. The distributed replication of IBM Blockchain enables your business partners to access and supply IoT data without the need for central control and management. All business partners can verify each transaction, preventing disputes and ensuring each partner is held accountable for their individual roles in the overall transaction.
Smart contracts, transaction blocks, shared ledger
Use IBM Blockchain as a shared ledger to provide a record of operational data and maintenance.
IoT devices track the state of safety of critical machines and their maintenance in your organization. From aircraft engines to elevators blockchain provides for a tamper-free ledger of operational data and the resulting maintenance. Third-party repair partners can monitor the blockchain for preventive maintenance and record their work back on the blockchain. Operational records can also be shared with government entities to verify compliance.
IBM Institute for Business Value Fast Forward study looks at the ways blockchain can disrupt traditional global trade.
Store provenance records for the original and replacement parts of your fleet vehicles.
Leveraging blockchain for your IoT data opens up new ways of automating business processes among your partners without setting up a complex and expensive centralized IT infrastructure. The data protection provided by blockchain ensures faster resolution of breached contracts, stronger working relationship with your partners, and greater efficiency as partners learn they can rely on the information provided.