IBM proclaimed a strategic partnership with UnionPay Bank of China and a US $200 million investment in its Watson Inernet of Things headquarters to fund different Blockchain developments.
The multi-million greenback investment in the company’s Internet of Things analysis and development institute could become a part of a huge international US $ 3 billion project, established to introduce a wider vary of use cases within the field of Blockchain technology.
With the new capital, IBM’s Watson Internet of Things business international Head Harriet Green believes the corporate are able to kind relationships with Germany’s leading developers and money establishments to check the potency of platforms based on Internet of Things and applications.
Harriet Green stated:
“Germany is at the forefront of the business 4.0 initiative and by tantalizing our purchasers and partners to affix us in Munich, we are gap up our talent and technologies to assist deliver on the promise of net of Things and establishing a worldwide hotbed for cooperative innovation.”
In correlation to its net of Things investment, IBM secured a partnership with major Chinese banking cluster UnionPay to create a loyalty platform on a Blockchain network. The IBM-Unionpay loyalty platform based on Blockchain technology could be a cross-institutional network during which shoppers will exchange loyalty or bonus points from any of the network’s registered banks rewards.
The majority of economic establishments and banks already provide loyalty programs supported credit card purchases to produce discounts to shoppers that pay a particular quantity of cash on specific stores or large-scale stores. Considering the wide selection of loyalty systems being offered by banks these days, shoppers can fancy a spread of loyalty-based discounts and offers while not being committed to one institution.
For instance, if a HSBC credit card holder spent some quantity of cash and was eligible to receive a hundred loyalty points within the cross-institutional Blockchain network, the user will avail promotional offers of their preference from different major banks in China like UnionPay.
Electronic Payment analysis Institute of China UnionPay director, He Shuo said:
“The joint analysis efforts between China UnionPay E-payment Institute and IBM analysis has enabled the productive exchange of bonus points among banks exploitation Blockchain technology, which embeds trust into transactions.”
Electronic payment analysis Institute of UnionPay and IBM have completed productive pilot tests of their joint Blockchain network with many Chinese money establishments.