IBM has announced the deployment of its enterprise-grade blockchain services, enabling clients to develop, deploy and manage blockchain networks on IBM’scloud platform.
IBM’s BaaS (Blockchain-as-a-Service) is developed using code from the Linux Foundation’s open-source Hyperledger protocol (Hyperledger Fabric v1.0), a cross-industry collaborative effort toward blockchain research and development. IBM is a premium member of the consortium, contributing funds and code to the working group.
Established in early 2016, the Hyperledger Project gained 30 founding members (it currently has over one hundred members around the world) and established a Technical Steering Committee that would oversee the project’s technical direction and approve technical code contributions.
A press release by IBM confirmed that the committee promoted the first version of the Hyperledger Fabric from incubator to an active state. The latest version of the Fabric, which was always meant to enable enterprise-grade blockchain networks, can handle rates of over 1,000 transactions per second among large user-bases, according to the release.
IBM’s blockchain on a cloud is supported by IBM LinuxONE, which IBM claims to be the industry’s most secure Linux-exclusive server. CCN.com reported on the launch of the service in its beta phase in mid-2016. IBM’s Linux One is also compliant with the cybersecurity requirements of a number of industries including healthcare, finance, government services and more.
In February last year, IBM laid bare its roadmap for blockchain development as the technology giant took a proactive leap to become an early BaaS provider, alongside the likes of Microsoft.
Since then, IBM has delivered its blockchain services through partnering the likes of Walmart for food safety; Japan’s biggest bank, MUFG, for business transactions on a ledger; a major retail bank for asset custody in China; supply chain finance in India, public records in Kenya among several other efforts. IBM is also helping Wall Street’s book-keeper, the DTCC, to switch to blockchain technology for the $11 trillion credit default swaps industry.
As one of the world’s earliest technology giants, IBM has set the precedent in betting big on blockchain technology.
“IBM has applied decades of experience running the world’s largest transaction systems for banks, airlines, governments and retailers, to build the most secure blockchain services for the enterprise,” said Marie Wieck, general manager, IBM Blockchain.
IBM’s blockchain services are built on IBM’s High Security Business Network and designed for organizations that require blockchain networks that are trusted, open and ready for business.
The IBM Blockchain is now available through a beta program, with the ‘Starter Developer plan’ currently free of cost.
Featured image from Shutterstock.
Last modified: May 21, 2020 10:00 AM UTC