IBM debuts commercial blockchain as a service platform

20 March, 2017, 20:29 | Author: Leticia Walters
  • Highlight Towers Munich Germany IBM

By using this open source platform, IBM will allow developers to quickly build and host production blockchain networks on the IBM Cloud and transact at rates of more than 1,000 transactions per second among large ecosystems of users.

The U.S. technology company said on Monday its new product called IBM Blockchain was the first service for developers to build enterprise-grade technology using Hyperledger Fabric, the first code set to be released by the open source group.

This development follows on from late previous year when IBM unveiled a blockchain ecosystem "to help accelerate the creation of blockchain networks" on Hyperledger.

The IBM High Security Business Network offer features such as tamper-responsive hardware security modules created to protect encrypted data for the storage cryptographic keys, and secure service containers for protecting code in blockchain applications by essentially encapsulating them I a virtual appliance.

"Our goal for this partnership is to accelerate the pace at which we can develop a service to help consumers better manage, protect and control their digital assets and identity, and ultimately provide our customers with greater convenience and a better overall experience", said Andrew Irvine, head of commercial banking and partnerships at BMO Bank of Montreal, a company now trialling the secure network in Canada.

IBM has partnered with SecureKey Technologies to develop a blockchain-based digital identity and attribute sharing network for consumers.

Eddy Ortiz, VP, solution acceleration and innovation, RBC, concurs: "Canada has an important opportunity to innovate with emerging technologies like blockchain to advance digital identity in Canada".

"Helping Canadians control the security of their personal data to reduce the risk of fraud online, in person, or over the phone is innovating with goal", said Rizwan Khalfan, Chief Digital Officer, TD. New network members can view this before joining and determine whether they can trust the network enough to participate. SecureKey is headquartered in Toronto, with offices in Boston and San Francisco.

Jerry Cuomo, IBM's vice-president of blockchain technologies, told TechCrunch that IBM, together with a couple of other companies, noticed the need for a blockchain-governing technology.

For starters, the ledger is isolated from the general cloud computing environment.

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