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IBM takes blockchain way to meet future business needs

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IBM

IBM has taken a giant step in the world of enterprises and announced the development of its own blockchain ecosystem called the IBM Blockchain. To make its offering successful in the market, the company has partnered with the Linux Foundation.

Unlike building a proprietary offering, IBM has chosen the open source avenue and designed its ecosystem on the Linux Foundation’s Hyperledger Project that presently has 100 member companies including Intel, J.P. Morgan, Hitachi, Cisco and VMware among various others. One of the prime advantages of preferring a Hyperledger-based blockchain technology is to give particular identities to users. This is something entirely different from public blockchains like bitcoin that make all the transactions anonymous.

“The future growth and adoption of blockchain are reliant upon building a strong ecosystem,” said Bridget Van Kralingen, senior vice president, IBM Industry Platforms, in a statement. “The growing maturity of Hyperledger Project code is a major milestone. That is why IBM is investing to help developers accelerate the creation of blockchain networks by providing an environment where these players can work together.”

Blockchain already emerged as a major point of interest for all leading tech companies. It enables a distributed database that records digital events in blocks. Each of the blocks in the stack includes a timestamp and maintains a link with a previous block. Through this way, the information can be circulated over several different blocks in one hit.

IBM is among the early supporters of the blockchain developments. In July, the New York-based company launched a blockchain innovation research centre in Singapore. The Mahindra Group also recently partnered with IBM to reinvent supply chain finance in India.

Furthermore, organisations such as EY, Everledger and Gliding Eagle have just joined the race by started participating in the IBM Blockchain.

New programmes to encourage broad deployments

IBM has planned a revenue sharing programme for 2017 to encourage businesses deploy its blockchain platform and earn a certain income. The company is also educating clients with different techniques of establishing efficient blockchain networks. The IBM blockchain engineers will conduct “office hours” sessions to support the latest development.