IBM Building Blockchain Dispute Resolution System

AccessTimeIconAug 1, 2016 at 3:52 p.m. UTC
Updated Sep 11, 2021 at 12:24 p.m. UTC
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IBM could launch a finance-oriented blockchain solution as early as this fall.

According to The Wall Street Journal,IBM's Global Financing unit is looking to kick off a project that would focus on resolving transaction disputes. The system reportedly won’t replace the Global Financing unit’s existing systems, at least not in the near term. Rather, it will operate beside what is currently used.

According to IBM, as many as 25,000 disputes arise in this division of the company each year, holding up as much as $100m in capital. The blockchain-based system is expected to reduce the time in which it takes to clear a dispute and release the contested funds.

Though no release date is known at this time, IBM could launch the blockchain solution as early as September, the report said.

In addition to its internal blockchain work, IBM is also a contributor to the Linux Foundation-led Hyperledger Project.

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