International Business Machines (IBM)
has launched an enterprise-ready blockchain service designed to help big businesses create quick, tamper-proof ledgers without relying on a third-party to process payments. (See also: What Is the Blockchain?)Blockchain, a public ledger that records all bitcoin transactions through a massive digital spreadsheet shared by members of a decentralized network, has become a key source of investment for technology giants such as IBM and Microsoft (MSFT
in recent years. By enabling firms to build applications on its cloud using blockchain code from its open source Hyperledger platform, IBM now claims it can assist businesses of all sizes to process over 1,000 transactions per second. The tech giant also added that the networks are underpinned by LinuxONE, one of the industry’s most secure servers. (See also: Can Blockchain Become the Global Standard?)The commercial release of this technology is expected to prove popular with financial services companies, many of which are keen to reduce the complexity and costs of settling international payments. According to IBM, several companies including Bank of Tokyo-Mitsubishi UFJ and Northern Trust (NTRS
are already running their blockchain applications on its cloud.
“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. “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.”
IBM also added that it is working with several Canadian banks and SecureKey Technologies to develop a digital identify network using its blockchain services. Due to be launched later this year, the network aims to make it easier for consumers to prove their identities when accessing new bank accounts and utilities.