If you are following our latest cryptocurrency news, you probably know that IBM is a big name in the blockchain industry – and a company which leads the list of blockchain patents. The IBM blockchain adoption is a big topic recently and it seems like the company is ready to share its outlook on it.
After years of experimentation, IBM has now established a set of 5 “blockchain for good principles” which are shared on many best cryptocurrency news sites right now. As we can see from an official IBM blog post, the main principles for this massive IBM blockchain adoption list the following:
In an interview with Forbes, the Vice President of IBM Blockchain and IBM Fellow Jerry Cuomo said:
“When IBM’s CEO, Ginni Rometty, began commenting on data rights with respect to data analytics, we became inspired on the blockchain side. Over the past 3 years, we have worked with many clients and have gained perspectives that have driven these principles. There are ways to use blockchain technology that are critical and would lead to good outcomes, but let’s make sure we don’t leave that to guess work. That is how these 5 principles came about and it’s our responsibility to abide by them wisely and share them with others.”
Cuomo also went in detail about each principle driving the IBM blockchain adoption.
Open Is Better – “The open is better principle is carried across many aspects of what we do at IBM. Open is always better when it comes to the cloud, artificial intelligence or the Internet of Things, but it has especially interesting implications when looked at from a blockchain context. We have always been an ‘open by design’ company, but we think carrying that principle to blockchain is fundamental to our strategy,” explained Cuomo.
Pesmissioned Doesn’t Mean Private – “Blockchain is about trust. For instance, we trust businesses because of the rules they follow. But rules also have accountability, meaning you have to know which businesses are participating in certain systems. There are types of blockchains that are anonymous like Bitcoin and Ethereum, and there are types of blockchains like Hyperledger Fabric and several others that are permissioned. Permissioned is important because it insists that members of the network are known to the network. Permissions are balanced with privacy so blockchains that follow these principles have privacy capabilities that allow members to transact confidentially,” said Cuomo in the interview with Forbes.
Governance Is A Team Sport – “Governance means rules. These rules will define who the elected officials are, who is responsible for what roles and obligations, etc. Governance is mandatory in a blockchain network,” Cuomo was confident.
Common Standards Are Common Sense – According to Cuomo, the first step in promoting the IBM blockchain is promoting the interoperability of the technology through a registry. Moreover, he thinks that blockchain networks should define and publish their data models and policies for change, according to industry standards.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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