“This new technology will be transformational for the cotton industry... There are numerous organisations, processes, systems and transactions involved from field to fabric. Situated at the intersection of agriculture, finance and technology, The Seam, with the help of IBM, is uniquely positioned to introduce blockchain technology to cotton-affiliated businesses worldwide,” said Mark Pryor, chairman and CEO of The Seam.
Blockchain technology encourages broad involvement with the benefits of a network effect, whereby a service becomes more valuable with the more participation it has. A blockchain is a secure, distributed and immutable digital ledger, enabling companies to work together on a foundation of trust, increased speed and reduced interference. IBM will play a key role in driving global adoption, with its digital footprint in all cotton producing and consuming regions.
“Blockchain offers enormous potential to drive innovation throughout the cotton industry... A consortium approach using IBM blockchain and the hyperledger fabric can help create greater efficiency and serve as the foundation of a robust system for massive collaboration,” said Arvind Krishna, senior vice president, IBM Research. (RR)
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