IBM Launches Enterprise-Ready Blockchain Service (IBM, MSFT)

The new company, Wanda Cloud Company, will give Chinese businesses access to a number of IBM cloud services, such as IaaS and PaaS platforms and Watson, blockchain and the Internet of Things technologies, IBM said.

Blockchain is often associated with bitcoin, the cryptocurrency that counts on the technology to process and record transactions.

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. Together SecureKey and IBM are developing a digital identity and attribute sharing network using IBM's Blockchain service which is built on top of the Linux Foundation's open source Hyperledger Fabric v1.0.

This means, in action, a private company - or even a government agency - can test networks for people to share information with the incentive that it would be completely secure, encrypted and unreadable by anyone but the two parties involved. ( IBM ) on Monday announced the launch of the IBM Cloud for Financial Services to offer the essential building blocks for the creation of financial services apps on the IBM Cloud.

Marie Wieck, general manager of IBM's Blockchain service, said IBM and SecureKey work with members of Canada's digital identity ecosystem on the development of the blockchain-based service as part of efforts to address identity-related challenges.

This will allow companies signed up to IBM Blockchain to build their own interfaces capable of integrating into existing systems.

For example, a consumer on the network could apply for a new apartment or a new mobile phone plan without the "friction" of having to sign documents or provide identification in person, he added.

The network is now undergoing a testing phase that has been initiated in Canada, when live Canadian users will have the option to utilise the service using a mobile app.

The network is now in the testing phase in Canada, and once it goes live later in 2017 Canadian consumers will be able to opt-in to the new service using a mobile app.

The digital identity network now undergoes tests in Canada and will be launched later this year. "Among the many contributors to Hyperledger Fabric including SecureKey, IBM is a standout innovator that has proven that they can rapidly bring blockchain solutions to production". Comments from bank executives in the press release indicate they see the service as a way to improve their customer's experience with digital services, enhancing their security and privacy.

  • Salvatore Jensen