By now youve probably heard about the possibilities blockchain tech offers.
But I can guarantee you havent heard how over 150 of the world’s largest companies have partnered to lead a new wave of innovation in this space.
That is, until now.
Last week, I had the opportunity to speak with a leading expert on blockchain technology Keith Bear, vice president of global financial markets at IBM.
What Keith had to share with me will leave you salivating at the opportunities.
Blockchain Has Major Problems
Overly confusing.
Thats the way most people describe blockchain tech.
The confusion is justified.
Blockchain networks are supposed to be supremely safe and secure. Its one of the main selling points of this technology.
But contrary to popular belief, these networks arent as great as we thought.
Recent events have shown us these networks have issues.
Thirty million dollars in ethereum was stolen earlier this year, as well as tens of thousands in bitcoin. We know without a doubt there are vulnerabilities that can be exploited.
Current blockchain networks are far from secure.
You Gotta Have Faith
Todays blockchain networks require a leap of faith. Participants have to believe in the trustworthiness of random anonymous users.
Therein lies the problem.
For blockchain to see global adoption, it needs trustworthy resources managing a transparent network.
JP Morgan isnt going to rely on random techies with supercomputers to verify multimillion-dollar client transactions.
But JP would trust a blockchain network backed by the likes of IBM, Goldman Sachs and other companies. Because those are the secured verifiers of a blockchain network with track records you can trust.
As Keith explained to me, thats exactly what IBM and other partners are collectively working on right now.
He explained further that weve essentially reached a new pinnacle in the development of blockchain tech. One that eliminates the current problems facing this technology… allowing for true global adoption across most major industries.
Enticing to say the least.
Securing the Most Important Innovation of Our Time
Blockchain tech is getting a much-needed revamp.
Blockchain is a team sport, notes Keith as he explained how 160 major companies are already heavily invested in making better blockchain frameworks.
IBMs role, he continued, is in supplying the code to develop this new network.
Other major organizations like JP Morgan, Maersk, Airbus, the Bank of England and Goldman Sachs are also committed to the cause.
Using IBMs code, these organizations have promised to commit significant human and capital resources to further develop, streamline and manage this new version of blockchain.
The end result will be a safe and secure version of a blockchain network. One that offers speed and efficiency without the risks created by the current anonymous framework.
We need a simple version of the truth, says Keith.
Because in order for blockchain to work on a global scale, trusted and verifiable transactors are needed on all ends.
Once achieved, however, we could see these new networks implemented across all major sectors.
But we have to start somewhere.
As Keith notes, the industries that will see immediate impact from new blockchain networks are the financial, shipping, manufacturing, aerospace and food service industries.
By streamlining the transaction processes blockchain could save companies in these industries millions, even billions in operating costs.
The companies that embrace this new version of blockchain first could see massive infusions of cash to their bottom lines.
For you, this means a chance to get in on the ground floor of a major disruptive technology.
This new blockchain network is happening right now.
You could start cashing in very soon.
More developments in tomorrows issue.
For Tomorrows Trends Today,
Sean McCloskey
forThe Daily Reckoning
