IBM launches Blockchain as a service

IBM blockchain concept

IBM blockchain concept

The service enables developers to build and host production blockchain networks on the IBM Cloud, and is underpinned by the IBM server LinuxONE. "IBM's blockchain services are built on IBM's High Security Business Network and designed for organizations that require blockchain networks that are trusted, open and ready for business".

The network will work to help consumers instantly validate their identity for services such as new bank accounts, driver's licenses and utilities, IBM said Monday.

IBM unveiled its "Blockchain as a Service" today, which is based on the open source Hyperledger Fabric, version 1.0 from The Linux Foundation.

The IBM High Security Business Network offer features such as tamper-responsive hardware security modules created to protect encrypted data for the storage cryptographic keys, and secure service containers for protecting code in blockchain applications by essentially encapsulating them I a virtual appliance.

The Fabric blockchain can process more than 1,000 transactions per second and has the necessary features to be used by large enterprises to build their applications, IBM said.

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"What IBM is building with SecureKey and members of the digital identity ecosystem in Canada, including major banks, telecom companies and government agencies, will help tackle the toughest challenges surrounding identity", said Marie Wieck, general manager, IBM Blockchain. The network is expected to facilitate consumers' verification. "This method is an entirely different approach to identity verification, and together with SecureKey, we have a head start on putting it on the blockchain".

This development follows on from late previous year when IBM unveiled a blockchain ecosystem "to help accelerate the creation of blockchain networks" on Hyperledger.

IBM also added that it is working with several Canadian banks and SecureKey Technologies to develop a digital identify network using its blockchain services.

Big Blue also announced the launch of the first commercially available blockchain governance tools, and new open-source developer tools, created to automate and accelerate the steps it takes to build with the Hyperledger Fabric. Clients ranging from startup Everledger to financial services firms Bank of Tokyo-Mitsubishi UFJ and Northern Trust are among the organisations already running their DLT applications on IBM's Hyperledger Fabric.

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