IBM presents ‘blockchain-as-a-service’ based on Linux Foundation technology
IBM has announced a blockchain-as-a-service facility called IBM Blockchain. According to the company, the service should enable developers to build blockchain networks in the IBM Cloud.
IBM helps companies with the service to develop, distribute and manage their blockchains and the company provides the underlying infrastructure with IBM Cloud. The basis for the service is provided by Hyperledger Fabric. That is a blockchain implementation on which other applications can be built. The project’s code is publicly available on GitHub. Business networks built on Fabric must be capable of executing more than 1,000 transactions per second, IBM said. The emphasis is on security, for example through the use of secure service containers to protect the blockchain.
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, previously known as Open Ledger, aims to use blockchain technology more widely for purposes other than purely financial, such as logistics. The project is now supported by 122 different organizations.
In addition to announcing its service, IBM announced it is partnering with SecureKey to build an identity management network based on the IBM Cloud service. The system is currently being tested in Canada, where an app will allow users to determine what identifying information they want to share with organizations. For example, if a user has already verified his identity with a bank, it should be possible to share that information with another party. The service should be available later this year.
With the service, IBM is responding to the increasing demand for applications that a distributed ledger can provide to record transactions and smart contracts. For example, DJ Hardwell already uses this to manage rights and royalties for his music. Every purchase of a number that he sells through his site is registered in the blockchain and with the help of this the rights distribution can be faster and more accurate. Every entitled party can be paid on the basis of the transparently recorded sales.
More information about blockchains can be found in the background article The DAO, blockchains and Ethereum.