IBM joins forces with Bank of Tokyo-Mitsubishi to test blockchain

IBM together with BTMU will work on designing, managing, and establishing contracts that potentially could be deployed among business partners. More than that, both companies have planned to tap blockchain technologies to automate business transactions and execute contracts, with the Japanese bank planning to use the technology to manage deals within its business fiscal year 2017.

IBM and BTMU had created a smart contract management prototype based on a blockchain technology, which aims to improve the efficiency and accountability of SLAs (service level agreements) in multi-party business interactions. Sensors containing relevant information would be used within the blockchain to monitor the delivery and usage of equipment, according to the two companies. The process would facilitate the automation of invoicing and payment processes between IBM and BTMU.

Hyperledger Project, Linux Foundations open source blockchain platform, deployed for contract management on IBMs cloud infrastructure, supports the first pilot project.