IBM Invests $200 Million in Blockchain-Powered IoT

NEWS
Stan Higgins
Oct 4, 2016 at 19:12 UTC  |  Updated  Oct 5, 2016 at 13:13 UTC

IBM's previously announced work intersecting blockchain and AI is moving forward with the establishment of a new office in Germany.

The announcement is part of a broader technology push initiated this week by IBM, which is investing $200m to fuel its internet of things (IoT) efforts.

IBM is opening a new office in Munich to spearhead those initiatives, within which its blockchain work on connected devices is based.

IBM, a founding member of the open-source Hyperledger project, emerged earlier this year as a strong advocate for the technology. It has since pursued a variety of projects involving blockchain, from dispute resolution systems to cloud-based security frameworks.

With the $200m in hand, IBM will staff its Munich office with as many as 1,000 employees.

The company said today:

"Businesses can share IoT data in a secure, private blockchain to reduce the costs and complexities of doing business across a network of people and goods. This capability is fully integrated into IBM Blockchain."

IBM highlighted its work with Kinno, a Finnish firm that is using IBM's blockchain-infused IoT tools to develop supply chain tracking capabilities.

"Using the technology, Kinno is developing a solution that tracks, monitors, and reports on container status and location, and optimizes packing and transfer of shipments through shipping lanes," the company said in a statement.

Image Credit: JuliusKielaitis / Shutterstock.com

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