The exact measure of success for any technology is its ability to impact and transform traditional set-ups. This is exactly what makes Bitcoin and its underlying technology so valuable and hence they are being termed as disruptive. Blockchain technology has transformative potential and major financial institutions are trying to adopt the same so ease their process. This grand scale adoption has in turn made the adoption of currency viable and has driven up the value recently. Let’s look into a recent blockchain adoption story where IBM partnered with Bank of Tokyo for managing contracts on blockchain:
Bank of Tokyo, IBM and Blockchain:
Bank of Tokyo-Mitsubishi UFJ (BTMU) plans to begin managing its contracts on a blockchain-based platform. This platform relies on technology provided by the still in-development Hyperledger project and the design services of IBM. The two companies confirmed that the platform will manage service level agreements between BTMU and other third parties. IBM’s vice president of blockchain Ramesh Gopinath told that the first phase of building the platform is complete. This allows a detailed tracking of workflows within the Japanese bank. The second phase is now underway to connect workflows between companies.
Gopinath explained how the integration will work as follows:
“You capture the entire workflow all the way to a master agreement and special workflows for employees. If you capture the metrics that are relevant, hopefully in the new model there will be fewer disputes”
According to a release, IBM and BTMU will first trial the service by transacting with each other over the platform. BTMU intends to ultimately migrate to the new contract management platform by the end of fiscal year 2017.
Germany Energy Giant now accepts Bitcoin for payment:
Customers of one of Germany’s largest energy providers ‘Enercity’ can now pay their electricity bills with bitcoin, the company announced. One of the ten largest energy companies in Germany, ‘Enercity’ has a turnover of around 2.3 billion EUR. It provides energy and services for residential customers in the Hanover region, as well as for business customers throughout Germany. Enercity has cited increasing popularity of Bitcoin and its ability to “act independently of central institutions” as the reason for the decision. It said that Digital payment methods such as Bitcoin are becoming increasingly popular. Enercity therefore now allows bills to be paid with Bitcoin.
Thus with these advancements in implementing Blockchain and accepting Bitcoin payments, the prices sure are to be affected to a certain extent.