IBM Launches Industry's First Enterprise-Ready Blockchain Service

IBM blockchain concept

International Business Machines has launched a service that will allow businesses to build applications on its cloud using blockchain code from the Hyperledger Project, the cross-industry group led by the Linux Foundation. "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". When launched later this year, consumers can use the network to instantly verify their identity for services such as new bank accounts, driver's licenses or utilities.

IBM unveiled its "Blockchain as a Service" today, which is based on the open source Hyperledger Fabric, version 1.0 from The Linux Foundation.

"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 of IBM Blockchain. "This method is an entirely different approach to identity verification, and together with SecureKey, we have a head start on putting it on the blockchain", she says.

Hyperledger is being developed by members of the Hyperledger consortium alongside other open source blockchain technologies.

The fabric is created to provide a framework for building enterprise-grade blockchain networks that can "quickly scale" as new network members join and transact at rates of more than 1,000 transactions per second among large ecosystems of users.

Canada-based financial services companies such as the Bank of Montreal, Canadian Imperial Bank of Commerce, Desjardins, RBC, Scotiabank and TD joined the digital identity ecosystem in 2016 and collectively invested $27 million in SecureKey. The firm, which recently took the axe to several staffers - although there were quite a few lining up for the chop - is looking after blockchain applications in the cloud for clients including startup Everledger as well as the Bank of Tokyo-Mitsubishi UFJ and Northern Trust.

"We believe that combining SecureKey's expertise and innovation in identity and the technological knowledge and leadership of Hyperledger Fabric and IBM Blockchain's High Security Business Network will be foundational in delivering a great identity solution for consumers in Canada and also help pave the way at the worldwide level", said Patrice Group.

Related:

Comments


Other news