International Business Machines Corp.(NYSE: IBM) launches enterprise-ready blockchain service

International Business Machines Corp.(NYSE: IBM) has announced the new release of IBM Blockchain, the first enterprise-ready blockchain service based on the Linux Foundation’s Hyperledger Fabric version 1.0. This will allow businesses to build applications on its cloud and host security-rich production blockchain networks, is underpinned by IBM LinuxONE, the industry’s most secure Linux server. The clients ranging from startup Everledger to financial services leaders Bank of Tokyo-Mitsubishi UFJ and Northern Trust are among the organizations running their blockchain applications on the IBM Cloud. Further, IBM has added it was working with Technology Company SecureKey Technologies and a group of Canadian banks to build a digital identity network using its new blockchain services.

Moreover, 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. The network is expected to get launched later this year, is aimed at making it easier for consumers to prove their identities when accessing services such as new bank accounts, driver’s licenses or utilities. The banks involved include Bank of Montreal, Royal Bank of Canada, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Toronto-Dominion Bank. Further, big businesses, including many of the world’s largest banks, have been increasing their investment in the technology to help them reduce the complexity and costs of some of their most burdensome processes, such as the settlement of securities or international payments. The technology companies and professional services firms have also been ramping up their investment in blockchain, as they race to capture the nascent market.

IBM had also tested a blockchain-based asset management platform for carbon assets with Chinese company Energy-Blockchain Labs. The companies aims to release the platform, built using the new IBM Blockchain, later this year. The network is currently 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 blockchain-based service using a mobile app.

Additionally, IBM and Wanda Internet Technology Group have signed an agreement in Beijing for Wanda to enter the public cloud business through the formation of a new company built on IBM’s Cloud Platform. Further, through the new Wanda Cloud Company, Chinese businesses will have access to select IBM cloud infrastructure and platform as a service (IaaS and PaaS) technologies. Therefore, the cloud computing services from the new entity, called Wanda Cloud Company, will go live in 2018.

IBM stock has risen 12.5% in the last one month (as of 11:18AM EDT on March 20th, 2017; Source: Google Finance).

 

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