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IBM, Oracle and other blockchain companies are investing in blockchain technology

IBM, a prominent blockchain company, announced this week it will invest $3 million in a startup developing a blockchain-based data processing system.

The move was announced Tuesday by IBM’s head of blockchain, Richard Wiseman, and Oracle, the second-largest enterprise software maker.

The companies say the blockchain technology they are working on is secure, scalable and secure against hackers and fraud.

IBM’s venture is part of a larger effort by the world’s largest technology companies to develop and deploy blockchain technologies for the enterprise, said Lisa DeLuca, IBM vice president of global blockchain.

IBM is also an investor in the company, and is looking for a cofounder.

Oracle has been involved in blockchain projects for years, and Wiseman has also been a prominent member of Oracle’s executive committee, DeLucas said.

IBM will invest in the development of the technology to enable “a faster and more efficient transaction of value” and to make it easier for companies to transfer value.

The startup will build a data processing platform that will “provide a secure way to record and process data,” Wiseman said.

The IBM investment comes as blockchain technology has emerged as a key way to make business transactions more transparent.

This week, IBM announced a $4.3 million investment in the Ethereum network, which enables the creation of blockchain-backed digital currencies, a blockchain protocol that is based on cryptography.

Wiseman told investors at a conference this week that IBM will not only invest in Ethereum, but also will “go after other projects in the blockchain space.”

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