Daily Management Review

IBM Announces Its New Blockchain Services Ready For Enterprise Use


03/21/2017


IBM will be coming out with new blockchain technologies in the market in this very year.



IBM Announces Its New Blockchain Services Ready For Enterprise Use
“International Business Machines” Corp. has made inroads in its journey with blockchains under the “Hyperledger Project”, whereby now business will be able to create applications on IBM’s clouds by using the company’s “blockchain code”. The ‘Hyperledger Project’ is led by the “Linux Foundation” as a “cross-industry group”.
 
IBM has named its new product as “IBM Blockchain”, which as the company informs of the “first service for developers” that creates “enterprise-grade technology” with the help of “Hyperledger Fabric”, whereby the first set of codes are to be announced by the “open source group”. The “Fabric blockchain” is capable of processing over thousand transactions within a second, while it has also been armed to sustain the “large enterprises” uses, reported IBM.
 
Furthermore, IBM has also said that it has been planning with “SecureKey Technologies”, a tech company , along with a consortium of “Canadian banks” for creating “a digital identity network” with the help of the “new blockchain services”.
 
Anna Irrera reported that the above mentioned network is scheduled to be launched later in the year by making it easy for the consumers to “prove their identities” while creating “new bank accounts, driver's licenses or utilities”. Some of the banks involved in this initiative are “Bank of Montreal, Royal Bank of Canada, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Toronto-Dominion Bank”.
 
Moreover, Reuters also added:
“Blockchain, which emerged as the system running cryptocurrency bitcoin, is a digital shared record of transactions that is maintained by a network of computers on the internet, without the need of a centralized authority”.
 
In the hope of bringing down costs and boosting efficiency corporates including some of the largest banks in the world have heavily invested in the technology. In fact, tech companies as well as “professional services firms” are pushing for blockchain technology as the race for “nascent market” continues to increase. Irrera added:
“IBM has been one of the most aggressive large technology companies on blockchain and has several large clients developing applications with the technology, including Northern Trust Corp, Wal-Mart Stores Inc and the Depository Trust & Clearing Corporation”.
 
Additionally, IBM has also revealed that along with “Energy-Blockchain Labs”, a Chinese company, it has carried out a test on a “blockchain-based asset management platform” for managing carbon assets. There are plans of releasing the platform with the help of “new IBM Blockchain in the later part of the year.
 
 
 
References:
http://www.reuters.com







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