IBM gives more details on ‘blockchain-as-a-service’ plans
IBM will offer various blockchain services in combination with the ‘IBM Cloud’, including adding data from internet-of-things devices to blockchains. IBM says it is the largest supplier of code within the Hyperledger project.
One of the services IBM is working on as part of the Hyperledger project is developing tracking of all kinds of and perishable goods via RFID tags and barcodes in combination with the Watson IoT Platform. As an example, the company gives a package that is sent through various distribution points. The temperature of the package and its location are then recorded in a blockchain. As a result, the status of the package can be tracked by all parties and it is not possible to tamper with the information.
To get even more ideas about the use of a blockchain, IBM is setting up IBM Garages in several cities worldwide to look further into possible implementations. The Garages open in London, New York, Singapore and Tokyo. Furthermore, the Japan Exchange Group will use IBM’s blockchain technology as a test for certain stock trading.
The Hyperledger project, which is supervised by The Linux Foundation, should lead to an alternative blockchain, the technology on which bitcoin is based, among other things. The open source project, which until recently was known as Open Ledger, aims to use blockchain technology more widely for purposes other than purely financial, such as logistics. The project is supported by many different companies including Intel, ABN Amro, JP Morgan. IBM is currently testing several blockchain services within its own IBM Cloud, after which it will share useful code with the project.
In addition to processing other types of services in a blockchain such as contract recording, the Hyperledger organization wants to make blockchain technology scalable, faster and easier to use. In addition, IBM is organizing the software in such a way that it runs well on its own hardware, such as on Bluemix. The blockchain applications can be run on IBM z Systems, among others, but also on other Linux systems.
There is great interest in blockchain technology because it can combat fraud. This is possible because the network is not centrally maintained, but consists of different nodes that all have the same information. When a new piece of information is added, that piece has to be verified by a number of nodes, after which it is added to the blockchain, the information that everyone has. If one party were to change a piece of information, the information would no longer match the information the others have, so it would not be accepted by the entire network.
A blockchain is also compared to a ‘ledger’ or ledger. All additions to that ledger are synchronized and all ledgers must reach consensus, making all ledgers equal copies. Through a cryptographic system, only authorized persons can view the pieces that they are also allowed to see. With bitcoins, the best-known and oldest implementation of a blockchain, this means that everyone can see that a transaction is taking place and how high that transaction is, but that only the person with the corresponding code can also access the bitcoins from that transaction.
Source: IBM Blockchain