SINGAPORE: IBM signs a contract with Bank of Tokyo-Mitsubishi UFJ (BTMU) to analyze the design, management and execution of contracts in businesses using blockchain technology. The contract will help both the companies to automate business transactions deploying the blockchain technology.

The two companies have built a prototype of small contracts using blockchain to enhance the performance of service level agreements in multi-party business interactions. The payment process between the two companies will be automated by monitoring the delivery and usage of equipment with a sensor that feeds information into the blockchain.

IBM furthercollaborates with the Singapore Economic Development Board and the Monetary Authority of Singapore to launch IBM Center for Blockchain Innovation. IBM Blockchain provides quick and easy deployment of permissioned blockchain network to test security, availability and performance.

Software engineers can easily develop applications while testing security, availability, and performance of an authorised blockchain network. IBM is innovating science of blockchain to minimise the complexity and make it more accessible and open.

“IBM continues to invest billions of dollars into research on emerging technologies that hold transformative potential for our clients. Blockchain will reinvent complex multi-party and contract-based business models, especially in banking and financial services," says Bridget van Kralingen, Senior Vice President, IBM Industry Platforms. "This expands our expertise in helping clients identify the right projects and build out blockchain solutions to solve day-to-day business problems more effectively. We are delighted to be expanding the scope of our partnership with BTMU with this blockchain initiative."