IBM launches blockchain as a service
Based on the IBM Cloud, the new service gives enterprises a way to experiment with the distributed ledger technology.
IBM announced enterprise-ready blockchain services that will allow developers to quickly build and host blockchain networks on the IBM Cloud.
IBM Blockchain is based on the Linux Foundation's Hyperledger Fabric version 1.0, which provides a framework for building blockchain networks that can be quickly scaled and can support more than 1,000 transactions per second among large ecosystems of users.
Blockchain technology describes a distributed ledger system that securely records transactions in a verifiable and permanent way. Each step or record in the transaction process --- the "block" in the transaction chain -- is locked, and the details of each block are carried forward to the next, with each subsequent block containing a hash of the previous one. As the chain grows, it becomes computationally impossible to modify.
IBM's Blockchain as a service is designed to help developers create, deploy and manage blockchain networks on the IBM Cloud, using the company’s High Security Business Network services designed for regulated environments. The network services ensure:
- Protection from insider attacks
- Assurance Level certification of EAL5+ certification
- Secure service containers
- Tamper-responsive hardware security modules
- A highly auditable operating environment
Several financial services clients -- from startup Everledger to established financial institutions like Bank of Tokyo-Mitsubishi UFJ and Northern Trust -- are currently running their blockchain applications on the IBM Cloud, the company said.
"IBM Blockchain will enable organizations to acquire blockchain functionality quickly without the risks and costs associated with buying and deploying the technology themselves," Jeff Kaplan, managing director of ThinkStrategies, told LinuxInsider. "It gives IBM a good method to quickly win customers and market share."
IBM also announced blockchain governance and open-source developer tools that automate the steps it takes to build with the Hyperledger Fabric.
The new blockchain governance tools let developers set up a blockchain network and assign roles and levels of visibility from a single dashboard. Network members can set rules, manage memberships and enforce network compliance once the network is up and running, officials said.
The Fabric Composer open-source developer tools can help users model business networks, quickly build a user interface and create application programming interfaces that integrate the blockchain network with existing systems of record.
IBM Blockchain for Hyperledger Fabric v1.0 is now available through a beta program on IBM Bluemix. Hyperledger Fabric is also available on Docker Hub as IBM-certified image available for download at no cost.