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.
According to IBM, it is the first enterprise-ready blockchain service based on the Linux Foundation's Hyperledger Fabric version 1.0 created to provide a framework for building enterprise-grade blockchain networks that can quickly scale as new network members join. Clients ranging from startup Everledger to financial services leaders Bank of Tokyo-Mitsubishi UFJ and Northern Trust are among the organizations running their blockchain applications on the IBM Cloud today.
In related news, IBM and SecureKey Technologies used the conference to announce a new partnership designed to create a new digital identity and attribute sharing network based on IBM Blockchain.
Marie Wieck, general manager, IBM Blockchain said: "What IBM is building with SecureKey and members of the digital identity ecosystem in Canada, including major banks, telecom companies and government agencies, will help tackle the toughest challenges surrounding identity".
"Some time ago, we and several other members of the industry came to view that there needs to be a group looking after, governing and shepherding technology around blockchain for serious business", Cuomo told TechCrunch.
Many think blockchain is an inherently safe technology, but blockchain networks are only as safe as the infrastructures on which they reside.
IBM has also established a set of blockchain governance tools in order for developers to determine how their blockchain network operate, who can join them and enable the enforcement of compliance on running networks.
Now, in a bid to make its technology one of the frontrunners in the commercial world, IBM has debuted a blockchain platform it is simply calling IBM Blockchain.
Technology companies and professional services firms have also been ramping up their investment in blockchain, as they race to capture the nascent market.
Initially available in beta, the tools are created to simplify the time-consuming tasks of selection, mapping and data integration for firms when combining IBM services with their own data.
Blockchain is a technology built to track the movement of bitcoin.
IBM says that the firm's High Security Business Network, formed through Linux infrastructure, can help protect future enterprise-grade blockchain networks by protecting against insider attacks, isolating valuable information to prevent data leaks, and through the use of encryption to prevent hardware tampering.