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IBM Hyperledger chief Jerry Cuomo: it's the open way or the highway for blockchain

Tamlin Magee | March 1, 2016
Businesses driven by 'amazing fears' of seismic disruptions.

In addition to secure transactions between businesses, Cuomo imagines a self-parking vehicle as part of the internet of things, which would only be insured against the driver when actually behind the wheel - otherwise the manufacturer or even the software vendor could be liable.

"I think the changes to industry are pretty profound," he says. "New cost structures for things. The example I gave with micro-insurance, reducing cost and time overheads by working peer-to-peer, allows a new type of business interaction to occur, one that wasn't possible before.

"Wouldn't it be nice not to have to pay for insurance when your car is in the garage? But how do we agree between multiple parties that 'yes, this is your car, yes, it's on that road?'

Blockchain could provide a ledger that an insurer, a manufacturer, and the driver could all agree on as a trusted record.

"It's really bringing those parties together in real time to make that entry that everyone agrees on in one common system of record that everyone shares.

"That's where this becomes life-changing."

And last but not least - being able to conduct business out in the open will ensure blockchain-based systems are more secure and can't be tampered with.

"To be able to work at scale with your partners, transact in real time, and have visibility to what's going on in that network, the right levels of checks and balances to enable speed," Cuomo says. "But also to enable best conduct, I think that's at a revolutionary potential level, to do things with heightened trust."

 

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