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IBM launches blockchain as a service for the enterprise

20 March 2017, 08:29 | Melvin Schneider

With IBM partnership, SecureKey enters next phase of developing secure digital identity network

IBM unveils Blockchain as a Service based on open source Hyperledger Fabric technology

IBM Blockchain is a public cloud service that customers can use to build secure blockchain networks.

The central goal of the project is to make the process of consumer verification easier and more efficient, while enhanced privacy and security are also included in the developments.

Unveiled at the Interconnect conference, this commercial blockchain service is based on the open-source Hyperledger Fabric 1.0, built by The Linux Foundation. As a permissioned blockchain, the Hyperledger Fabric is an essential component in delivering services that comply with regulations where data protection and confidentiality matter, particularly for regulated industries. "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". "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", she says.

While blockchain technologies have a reputation for being secure, IBM noted the underlying infrastructure needs to be robust from cyber attacks coming from both outside and inside organisations.

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The service will give business developers the ability to tap into the fabric that enables the creation of blockchain networks capable of handling more than 1,000 transactions per second within a secure ecosystem.

This development follows on from late a year ago when IBM unveiled a blockchain ecosystem "to help accelerate the creation of blockchain networks" on Hyperledger. "Among the many contributors to Hyperledger Fabric including SecureKey, IBM is a standout innovator that has proven that they can rapidly bring blockchain solutions to production".

Canada-based financial services companies such as the Bank of Montreal, Canadian Imperial Bank of Commerce, Desjardins, RBC, Scotiabank and TD joined the digital identity ecosystem in 2016 and collectively invested $27 million in SecureKey.

Further boosting blockchain security, Big Blue has also entered into a partnership with SecureKey Technologies to create a digital identity and attribute sharing network within IBM's blockchain service. According to IBM, several companies including Bank of Tokyo-Mitsubishi UFJ and Northern Trust (NTRS) are already running their blockchain applications on its cloud.



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