IBM and BTMU have built a prototype of smart contracts on a blockchain to improve the efficiency and accountability of service level agreements in multi-party business interactions. The bank plans to begin using it to manage contracts within their business in fiscal year 2017. In addition, IBM and BTMU aim to manage agreements between the two companies with the system by the end of fiscal year 2017. To help improve efficiency, IBM and BTMU will monitor delivery and usage of equipment with a sensor that embeds information into the blockchain. This will then automate invoicing and payment processes between the two companies.
For more on this story visit the following link: IBM, Bank of Tokyo-Mitsubishi to use Blockchain
Source: M2M Magazine