[Summit] John Wolpert, IBM Global Blockchain Products Department - Commercial deployment of blockchain is imminent

Reporter: Pencil lead

Thank you all! I am very happy to be here today. If you want to do something very important today, it is actually very difficult. We have a lot of tools, and our blockchain actually has its own problems, such as its scalability, its security, and its deployment. Today we want to bring you good news. We are currently making some changes. Brian Behlendarf just told us that in fact, regarding the Linux Foundation, they have also been committed to the development of blockchain in the past year. We hope that blockchain will not be constrained by some problems. For example, its determinism problem, and we hope that your identity will not be stolen. All bad things will not happen. Of course, we need a solution model to exist.

For example, blockchain transactions can be carried out faster. We don't want to spend weeks, months or even years on mining. But we hope to build some solutions that we can embed into the blockchain network, so we focus on blockchain solutions. Another issue about blockchain is its scalability, especially the transaction time we are talking about. If there are new network participants, more and more nodes need to verify the transaction, so in this case, we need more time, so we need to scale the blockchain. We see some projects that the Hyperledger community is currently developing.

I don't know how, but this looks really good. Didn't you smile? I hope you like what you just saw. I hope you can get your best computer scientists involved. I have said this before. 20% of the Hyperledger community is from Chinese developers. Soon Chinese developers will lead the entire Hyperledger, but this is not just on the network side, the structure side. Consensus can indeed prevent us from tampering with and colluding with the ledger. If you have a node on your network, it follows other networks, and the administrator of the network is the next Snowden. It has your private key and can see all your transactions. IBM hopes to provide an authenticated, signed, and containerized Hyperledger structure to our customers, so that we can design a very secure environment to avoid administrator tampering. We deploy such a thing not only on the client side, but also on our IBM.

If you work with IBM to build your blockchain solution, you can get it today, which sounds great. How does it work in practice? I'm glad that this is the first time in China that you can get it now if you work with us. You may think it's great, but how do you see it in practice? I think the first company to donate thousands of codes to Hyperledger is also the first company to run Hyperchain on our enterprise. Now I tell you that our latest blockchain solution has already started. Every year we have to finance 44 billion US dollars of customer transactions and settle 2.5 million invoices between 4,000 supplier partners. Every year, these transactions will bring 25,000 disputes, which will occupy more than 100 million of capital. Isn't this terrible?

Resolving disputes is really a waste of time. It may take 44 days to resolve a dispute, mainly because the transaction information involved is in the IT systems of all parties involved. The blockchain solution can improve the efficiency of this process because all parties can trade on a common structure, and all transaction-related information is on a shared ledger. So if there is a dispute in each transaction, either the transport document is missing or the goods are transported incorrectly, all relevant data is available. All the data recorded in the ledger actually obtains the signatures of all parties and the transaction has reached a consensus, so there is no way to deny it. We can use blockchain to enable IBM to reduce the time for resolving such a dispute by 75%, freeing up a lot of capital, allowing us to make further investments, which is very important.

IGF is not the only example. In fact, IBM, we think that we should use everything we do to accelerate the development of such a technology. If we can run it on the existing legacy financial infrastructure, you can too. You might say, "Why should I use blockchain for this?" Because I don't think anyone is willing to accept the idea of ​​having different companies working together on a central system that is controlled by IBM or any party. We are currently seeing a lot of manual operations, mainly constantly updating based on bilateral agreements. This seems to be the case in many industries, including healthcare and supply chain, but if we want to move beyond the current situation of poor cooperation between institutions, we must enable everyone to have control over their own business, rather than having one company or one group of companies control everyone. I think blockchain is best described in this way.

Of course, this is one of more than 100 projects we have done with our clients. You should know that there are more than 1,000 projects in the pipeline within the company. This is what we are committed to, to create the next generation of transaction Internet and promote decentralized cooperation between companies. If this is also your goal, IBM can not only help you design and build such a solution, but also bring it to your network to achieve critical scale and achieve viral growth. IBM is no longer a technology company. We are actually a promoter of cross-chain alliances. Let us build the next generation of technology together, because blockchain is a team collaboration after all, and cooperation is the most important thing. Thank you!