Part of the drive towards implementing blockchain technology is IBM listening to their customer base. By identifying key needs in customers’ demands, IBM can determine whether blockchain technology is a viable solution.

“We didn’t start with a big bang,” said Marie Wieck, the general manager of IBM Blockchain. “We found (blockchain) had real applicability but not just as an extension of our existing products. We had to create something new, so we started experimenting and doing some customer pilots, and we saw there was enough interest to move forward.”

Related: World Bank Launches Blockchain-Only Bond

Still an Uphill Climb for Cryptocurrencies

As blockchain technology continues to gain wider acceptance, cryptocurrency efforts like Bitcoin ETFs continue to face an uphill climb to legitimacy in the investment space and despite efforts by firms, the Securities and Exchange Commission stands firmly in the way. Bitcoin-based exchange-traded fund (ETF) applications have been getting seemingly perfunctory rejections, preventing cryptos from gaining more acceptance from investors who are wary of the unregulated exchanges of cryptocurrencies.

In an attempt to fall under the governmental regulation of the SEC, the cryptocurrency industry has been unable to bring this into fruition, starting with the Winklevoss Capital Management founders Cameron and Tyler Winklevoss application, which was rejected twice. The US Securities and Exchange Commission postponed their decision on a bitcoin ETF by investment firm VanEck and financial services company SolidX until the end of this month.

For more information on the cryptocurrency market, visit the Bitcoin category.