ASTROMAN - Consulting, Executive Search


IBM-HQ Photo courtesy of IBM

SINGAPORE - September 16, 2016

IBM (NYSE: IBM) today announced it has signed a contract with the Bank of Tokyo-Mitsubishi UFJ (BTMU) to examine the design, management and execution of contracts among business partners using blockchain technologies.

The two companies will begin by piloting blockchain to automate business transactions between the two companies.

IBM opens The Watson Center at Marina Bay, an incubator for organizations, partners and IBM experts in Asia to co-create business solutions using IBM's cognitive, blockchain and design capabilities.
Photo courtesy of IBM

This is one of the first projects built on the Hyperledger Project fabric, an open-source blockchain platform, to use blockchain for real-life contract management on the IBM Cloud.

https://www.hyperledger.org/

http://www.ibm.com/cloud-computing/

IBM Blockchain empowers businesses to digitize your transaction workflow through a highly secured, shared and replicated ledger.
Photo courtesy of IBM

IBM and BTMU have built a prototype of smart contracts on a blockchain to improve the efficiency and accountability of service level agreements in multi-party business interactions.

The bank plans to begin using it to manage contracts within their business in fiscal year 2017.

Bank of Tokyo-Mitsubishi UFJ (BTMU) HQ, Tokyo, Japan.
Photo courtesy of Bank of Tokyo-Mitsubishi UFJ

In addition, IBM and BTMU aim to manage agreements between the two companies with the system by the end of fiscal year 2017.

To help improve efficiency, IBM and BTMU will monitor delivery and usage of equipment with a sensor that embeds information into the blockchain.

This will then automate invoicing and payment processes between the two companies.

Bank of Tokyo-Mitsubishi UFJ (BTMU), Tokyo, Japan.
Photo courtesy of Bank of Tokyo-Mitsubishi UFJ

“Blockchain technology has the potential to change not only the financial world, but also other areas of the business world, leading to improved efficiency of the end-to-end business process,“ said Mr. Motoi Mitsuishi, Deputy Chief Executive Officer of BTMU Asia & Oceania and General Manager, Singapore Branch and Corporate Banking Division for Asia & Oceania.
“Today, we are embarking on a journey with IBM to exploit the potential of this new technology. We are very pleased with the outcome of the first blockchain proof of concept working with IBM Research and IBM Global Business Services and we look forward to seeing these blockchain applications come to fruition.”

Bank of Tokyo-Mitsubishi UFJ (BTMU), Tokyo, Japan.
Photo courtesy of Bank of Tokyo-Mitsubishi UFJ

“IBM continues to invest billions of dollars into research on emerging technologies that hold transformative potential for our clients. Blockchain will reinvent complex multi-party and contract-based business models, especially in banking and financial services,” said Bridget van Kralingen, senior vice president, IBM Industry Platforms.
“This expands our expertise in helping clients identify the right projects and build out blockchain solutions to solve day-to-day business problems more effectively. We are delighted to be expanding the scope of our partnership with BTMU with this blockchain initiative."

http://www-935.ibm.com/industries/banking/

Bank of Tokyo-Mitsubishi UFJ (BTMU) HQ, Tokyo, Japan.
Photo courtesy of Bank of Tokyo-Mitsubishi UFJ

IBM announced the launch of the first global research-led IBM Center for Blockchain Innovation in Singapore in collaboration with the Singapore Economic Development Board and the Monetary Authority of Singapore.

Located at the Watson Centre at the Marina Bay, the Centre aims to propel Singapore into a top destination for innovation in finance, trade, and commerce, and establish it as a global center of deep competence, expertise and industry leadership in enterprise Blockchain and cognitive technologies.

http://www.ibm.com/cognitive/

Bank of Tokyo-Mitsubishi UFJ (BTMU) HQ, Tokyo, Japan.
Photo courtesy of Bank of Tokyo-Mitsubishi UFJ

IBM is rapidly expanding its blockchain consulting services and capabilities and actively working with clients to understand what it takes to make blockchain ready for business.

Through its open source contributions to the Hyperledger Fabric and its blockchain services on IBM Bluemix, developers can easily and quickly develop applications while testing security, availability, and performance of a permissioned blockchain network.

Integrate Watson IoT Platform with Blockchain.
Photo courtesy of IBM

IBM is advancing the science of blockchain, helping to remove complexity, and making it more accessible and open.

Financial services, supply chains, IoT, risk management, digital rights management and healthcare are some of the areas that are poised for dramatic change using blockchain networks.

About IBM

For more information about IBM Research,
visit www.research.ibm.com

For more information about IBM Blockchain,
visit www.ibm.com/blockchain

Photo courtesy of Bank of Tokyo-Mitsubishi UFJ

For more information on the Bank of Tokyo-Mitsubishi UFJ,
visit http://www.bk.mufg.jp/global/

Contacts information

Holli Haswell
IBM Media Relations
1 (720) 396-5485
hhaswell@us.ibm.com

Jean-Claire Rozario
IBM Media Relations, Singapore
+6418 3723
jeanroz@sg.ibm.com

Source: IBM

http://www-03.ibm.com/press/us/en/index.wss

ASTROMAN Magazine - 2016.09.03

IFA 2016: IBM Watson Powers Wave of Innovation in Consumer Electronics

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=2115

ASTROMAN Magazine - 2016.08.14

IBM: 21 Hospitals Across China to Adopt Watson for Oncology to Help Physicians Personalize Cancer Care

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=2104

ASTROMAN Magazine - 2016.07.30

VU University Medical Center Amsterdam Collaborates with IBM to Enhance Communication between Healthcare Professionals with Analytics

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=2096

ASTROMAN Magazine - 2016.02.14

IBM Achieves Highest U.S. Defense Information Systems Agency Authorization for Cloud Services

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=2024

ASTROMAN Magazine - 2015.11.27

IBM's Watson Predicts the Top Products and Trends for Black Friday

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1997

ASTROMAN Magazine - 2015.11.15

Boston Children's Hospital to Tap IBM Watson to Tackle Rare Pediatric Diseases

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1992

ASTROMAN Magazine - 2015.08.29

IBM and GENCI Team to Drive Supercomputing Closer to Exascale

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1952

ASTROMAN Magazine - 2015.08.09

IBM: Watson to Gain Ability to "See" with Planned USD1 Billion Acquisition of Merge Healthcare

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1946

ASTROMAN Magazine - 2015.07.11

IBM Research Alliance Produces Industry's First 7nm Node Test Chips

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1936

ASTROMAN Magazine - 2015.06.27

IBM Research: Internet of Things Turning New York's Lake George into "World's Smartest Lake”

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1932

ASTROMAN Magazine - 2015.05.31

Doctor Evidence Brings Valuable Health Data to IBM Watson Ecosystem

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1923

ASTROMAN Magazine - 2015.05.02

Japan Post Group, IBM and Apple Deliver iPads and Custom Apps to Connect Elderly in Japan to Services, Family and Community

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1913

ASTROMAN Magazine - 2015.03.22

IBM Invests in Modernizing Medicine to Accelerate Adoption of Watson Technologies in Healthcare

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1893

ASTROMAN Magazine - 2015.02.22

IBM Studio Opens in London to Transform the Client Experience

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1876

ASTROMAN Magazine - 2015.01.19

IBM Launches z13 Mainframe - Most Powerful and Secure System Ever Built

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1863

ASTROMAN Magazine - 2014.12.24

IBM Named a Worldwide Leader in IDC MarketScape for Mobile Application Development and Testing Consulting Services

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1852

ASTROMAN Magazine - 2014.08.30

IBM Watson Ushers in a New Era of Data-Driven Discoveries

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1783

ASTROMAN Magazine - 2013.11.16

IBM Watson's Next Venture: Fueling New Era of Cognitive Apps Built in the Cloud by Developers

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1587

ASTROMAN Magazine – 2012.03.03

IBM Forms Watson Healthcare Advisory Board

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=1191

ASTROMAN Magazine – 2011.02.20

IBM to Collaborate with Nuance to Apply IBM's "Watson" Analytics Technology to Healthcare

http://www.astroman.com.pl/index.php?mod=magazine&a=read&id=899