IBM was selected by smart contract provider Proof of Trust to build a multiplatform blockchain application for disputed resolution and smart contract validation.
Smart contracts are digitally encoded agreements that are automatically executed when certain conditions are met. The automated process removes the need to intermediaries and middlemen.
IBM was chosen because of its standing in the industry as having a strong understanding of blockchain, according to a news release from Proof of Trust. Proof of Trust will leverage the IBM Blockchain Platform to adjudicate the validity of data entered into a smart contract. Proof of Trust will also be able to scale its technology.