In short, the shared ledger can act as a source of truth for businesses. "Since the ledger can't be modified and is replicated, all participants in the business network will work and see the same ledger, which prevents disputes," Lim explained.
To help organisations explore the use of blockchain, IBM has expanded the blockchain services on its Bluemix app development platform to enable organisations to quickly develop and test blockchain apps on the IBM Cloud. Developers are also given access to the very latest Linux Hyperledger code. Since IBM Blockchain for Hyperledger is also available on Docker Hub, organisations can run a signed, certified distribution of the blockchain project on different cloud servers and devices.
Besides that, IBM's Garages in New York, and soon to be in London, Tokyo and Singapore, will enable IBM experts to collaborate with developers on the design and implementation of blockchain for business. IBM Interactive Experience (IBM iX) will also engage clients to co-design new use cases for blockchain in more than 25 IBM Studios around the globe.
Despite the massive amount of the data created and collected daily, organisations usually make their operational and strategic decisions using the existing/historical data residing in their existing application databases, according to IBM. This means that they are missing out on opportunities that could significantly deliver increased revenues and lower costs. Moreover, customers are increasingly demanding personalised marketing or services to be delivered to them at the right time.
As such, Subramaniam Meenakshisundaram, Executive IT Specialist, Chair Technical Experts Council - India & Member, IBM Academy of Technology Leadership Team, advised organisations to use real-time predictive analytics and data modeling such as Watson Explorer to deliver better, more profitable decisions at the point of customer impact.
"Real-time predictive analytics and data modeling will provide access to the most current data for best analytics outcome, thus reducing false positives. It also provides actionable insights on every transaction, which could help increase customer loyalty, increase revenue and/or reduce risks," he added.
For instance, Watson Explorer provided agents of a healthcare insurance call centre access to siloed customer and product data. By having this 360 degree view of the customers, the agents were able to shave off 3 seconds of average call handling time. The move also increased net promoter score as a result of better customer engagement, said Meenakshisundaram.
To further unlock the value of big data, organisations can leverage cognitive computing to mine deeper insights from data, and uncover patterns and opportunities that are virtually impossible to find through traditional research methods.
"Cognitive computing refers to new hardware and software that mimics the functioning of the human brain and help improve human decision making," said Cheung Kitman, CTO Analytics, Asia Pacific, IBM Corporation. "It provides the capability to talk to internal and external customer in natural language (eg. text and pictures) and incorporate that into the decision-making process. It also needs to be adaptive, interactive, iterative and stateful, and contextual."
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