Update on Block chain Technology – #51
I strongly urge each Manager of a business to consider getting a status report from their IT person or group on the present and long range implications for this software in your business. This Blog is aimed at calling your attention to what is, and is not working in the world of software applications. I remember a meeting at Northwestern University featuring Ginny Rometty the future President of IBM, saying that Block chain is just not a Walmart initiative, but one that will involve manufacturer’s, middlemen suppliers, administrative procedures to include Financial applications that are quite extensive and involving numerous competitors. Although we might be competitors we can’t as ask the small farmer to use multiple systems. It simply won’t work, and that’s why Block chain has the early lead in representing Software you will have to be knowledgeable about the many advantages that this software offers. You will have to adapt to systems using this software that will not do away with jobs and lead to small firms going out of business, they will just be more efficient.
The Blog will be addressing the low profile of Block chain by Corporate America due to crypto-currencies focus on the capabilities of this software. Our Blog mentioned this capability early in our start of blogging and we are watching the global corporations as they are quietly coopting the underlying technology for their own uses as they recognize the multitude of secure applications that can be used to enhance their businesses, and get rid of layers of databases and translations between those databases. In support of my observations of this dramatic Change (that will be affecting us very shortly), I list the following observations:
- The following Companies dealing in software have made Block chain technology a high priority. 32% of the 50 are foreign and 68% represent domestic companies (Corporate America). I won’t list all the companies, but will feature a few key applications:
- Foxcomm –Taiwan
They started up a company called Chained .This start-up company will soon connect Foxcomm and its many small suppliers to smart contracts that will make scheduled payments, provide financing in real time eliminating a daisy chain of paper work.
- Bumbelbee Foods – San Diego
They are using technology to provide transparency to its tuna supply chain all the way from the pole-and-line-catch in the South Pacific to the grocery store in U.S. The industry is facing many accusations of killing hundreds of dolphins. The Company that can demonstrate provenance of its catch coulddemand a premium price.
- Cargill – Wayzata Minnesota
Track turkeys through its supply chain as they make the journey from farm to supermarket. Their hopes are to make sure they become the company who will be able to launch, through its startup Bitwise and Intel , a series of food tracking capabilities that they could sell to other suppliers. A crucial capability in this day of food contamination sales.
- Citigroup – New York
Just this morning the 13th of May the headline in the WSJ read as follows: Citigroup Bets Big on Digital Banking – The bank has invested in a half-dozen startups all aimed at developing block chains and distributed ledgers for applications such as securities settlement, credit derivative swaps and insurance payments. The latest effort of forming two partnerships will result in an effort of providing Ledger Connect, an app-store where companies can shop for block chain tools. Meanwhile Chase, Bank of America and other competitors are focusing on investing in building Branch Banking locations. Who would you bet on in that situation?
- IBM CORP. – ARMONK N.Y.
Ginny Rometty was on to something years ago that insured their early investment in Block chain was going to be repaid due to Commercializing of IBM Block chain. Their platform is after the EU’s Swift the interbank messaging service with World Wire. Maersk one of the world’s largest shippers is , planning to put TradeLens to work providing complete control over their supply-chain and sell the Block chain platform. So far 100+ organizations, including ports, freight forwarders, sea and land carriers, and customs agencies, have signed up to use their platform. IBM has already filed for 100+ patents and its proprietary Block chain is connecting 85 Networks, IBM is the clear enterprise winner.
- Foxcomm –Taiwan
- As can be seen by the above examples Block Chain will play a significant role of improving operational effectiveness in any business. Why? The answer is simple- A business can TRUST its data to a platform supported by Block chain.
- Why are the following companies trying to follow IBM’s leadership position in commercializing Block chain’s benefits and patent opportunities into new profit opportunities?
- Hewlett Packard
- VM Ware
- SAP SE
- IBM- 1500
- Seagate Technologies
- Who else is making profits from current enterprise Block chain GOLD rush? My friends the Consultants – have you been briefed on this upcoming change by any of them?
- Deloitte- 1400
- Tata Consultancy-1000 staffers
Have your IT person provide an overall hardware and software report monthly to key Management personnel so that they can stay on top of this Phenomena. Should you have any direct contact with the firms listed above, please have them participate with a specific agenda. Also, explore the technology as to how it could contribute to profitability and get ready for the changes that you will have to make to adapt Block chain Technology and the associated costs that will be forthcoming.
Block chain is here to stay!!