IBM Begins Blockchain Research Project
IBM announces major blockchain research initiative, validating distributed ledger technology beyond Bitcoin.
On September 17, 2014, IBM announced a major blockchain research initiative focused on exploring distributed ledger applications beyond cryptocurrency, including supply chain management, digital identity, and smart contracts. The project represented the first major enterprise technology company to seriously investigate blockchain technology and demonstrated that Bitcoin's underlying innovations had applications far beyond digital currency. IBM's research helped establish blockchain as a distinct technological category worthy of enterprise investment and development.
IBM's blockchain initiative was significant because it provided enterprise legitimacy to Bitcoin's underlying technology and showed that major corporations recognized the potential for distributed ledger applications in traditional business processes. The research also helped separate blockchain technology from Bitcoin's controversial associations and demonstrated that the cryptocurrency's innovations could benefit from corporate development resources and business expertise.IBM's involvement encouraged other major technology companies to investigate blockchain applications and helped establish the enterprise blockchain industry.