International Business Machines Corporation managed to score in 24 consecutive years a record thanks to its broad number of patents created for businesses. One of such innovative projects regards a connection between its cloud computing services and enterprises’ need to build applications. The result is a blockchain code borrowed from the Hyperledger Project.
Developers Will Be Able to Build Applications with Hyperledger Project
On Monday, the American multinational technology firm inaugurated its latest product called IBM Blockchain. This is the first time the organization enables developers to build applications directly on its IBM Cloud service. From now on, clients will be able to create personalized technology at the level of an entire enterprise.
The new service will use Hyperledger Fabric which is the result of collective work. At the beginning of 2016, the Hyperledger Project started by the Linux Foundation asked worldwide developers for codebase proposals. In the end, the new asset was a construct of several incubated technologies, such as Digital Asset Holdings and libconsensus from Blockstream. IBM was itself a contributor to this project through its own project called OpenBlockchain. The product was later on named as Fabric.
The chaincode Fabric has the capacity to conduct 1,000 transactions in the span of a second. IBM stated that the blockchain is going to become the main business logic of any enterprise. The technology is endowed with all the necessary processes for large organizations to build applications. The company continued by admitting that it collaborated with SecureKey Technologies, a tech company, and a consortium of Canadian banks to come up with a complex digital identity network.
IBM Blockchain Will Be Released at the End of 2017
As a result, IBM Blockchain is going to be a network of networks where consumers have it easier to navigate through. The asset is going to be officially launched by the end of 2017. Basically, it will allow users to prove their identities and get fast access to important accounts such as bank accounts, utilities or driver’s license. The banks that will take part in this social innovation are Bank of Nova Scotia, Bank of Montreal, Toronto-Dominion Bank, Royal Bank of Canada, and Canadian Imperial Bank.
A blockchain first emerged on the market as a way to organize the cryptocurrency bitcoin. Later on, it developed into a modern digital shared record of transactions that happen without the approval of centralized power. There is only an online network of computers that handles this record. IBM put its blockchain technology to use for business giants such as Wal-Mart Stores Inc, Northern Trust Corp, and the Depository Trust & Clearing Corporation.
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