Published: Mon, March 20, 2017
Culture | By Julio Duncan

IBM launches blockchain tool on Linux Hyperledger Fabric

IBM launches blockchain tool on Linux Hyperledger Fabric

By utilizing Hyperledger, a cross-industry open-source effort to bring blockchain to businesses, Big Blue says that developers can quickly build and host secure blockchain networks via the IBM Cloud.

Separately, IBM announced the new release of IBM Blockchain, the first enterprise-ready blockchain service based on the Linux Foundation's Hyperledger Fabric version 1.0.

The launch of the network is targeted at being later this year and consumers can expect to be able to the identity verification service for new bank accounts, driver's licenses and utilities.

The digital identity network now undergoes tests in Canada and will be launched later this year. The tech giant also added that the networks are underpinned by LinuxONE, one of the industry's most secure servers.

IBM Blockchain for Hyperledger Fabric v1.0 is now available through a beta program on IBM Bluemix.

Among the early adopters of IBM's new technology are authentication provider SecureKey; financial services company Northern Trust; several Canadian banks including the Bank of Montreal, Royal Bank of Canada, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Toronto-Dominion Bank; and carbon trading company Energy-Blockchain Labs.

The concept has potential but the keys to its success will be much traction it gets amongst companies to join the ecosystem, and how easy it will be for consumers to use, said Martha Bennett, an analyst at Forrester Research who studies business applications of emerging technologies.

IBM announced Monday the launch of IBM Blockchain, a commercial service that will provide enterprise companies the ability to build their own blockchain networks on IBM's cloud platform.

IBM has been developing its product with the help of the Linux Foundation's Hyperledger project, to which IBM devoted monetary resources as well as the work of a few dozen researchers and software engineers. We use cookies to improve your browsing experience. SecureKey enables next generation privacy-enhancing identity and authentication network for conveniently connecting people to critical online services using a digital credential they already have and trust.

InterConnect is IBM's cloud and cognitive conference where more than 20,000 developers, clients and partners are being introduced to the latest advancements in cloud computing through 2,000 sessions, labs and certifications.

According to the company, the blockchain system will be able to support large user ecosystems and transaction rates of over 1,000 transactions per second.

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