IBM formally released IBM Blockchain, an enterprise-ready blockchain service based on the Linux Foundation's open source Hyperledger Fabric v1.0, in a presentation to 20,000 developers at the company’s InterConnect conference on Monday.
Equivalent to Blockchain as a Service, IBM Blockchain is a public cloud service that customers can use to build secure blockchain networks. Hyperledger Fabric v1.0 was developed by The Hyperledger Project, a cross-industry initiative to evolve earlier forms of blockchain technology by creating a standard, permissioned, open sourced and openly governed platform suitable for business and regulatory transparency.
In it's announcement, IBM also showed off an emissions reduction use case around blockchain. Big Blue announced it is testing a blockchain-based green asset management platform, built using IBM Blockchain, with Chinese company Energy-Blockchain Labs. The companies plan to release the platform later this year, allowing enterprises to efficiently decrease carbon emissions.
Because Blockchain creates a trusted system of record that has never been possible before, experts say the technology has potential for a wide range of uses in the enterprise. But until now, security and scalability have been stumbling blocks.
The Hyperledger Fabric offers better security and an easier way to scale the technology. Through the technology, blockchain can process more than 1,000 transactions per second, according to IBM, allowing for quick and efficient transaction processing.
Lots of companies are looking into Blockchain, but IBM has gotten out ahead with the technology. In addition to its role in the Hyperledger Project, IBM is also creating an "ecosystem" to help expedite the development of blockchain-based business applications.
By illustrating use cases and developing standards around the technology, Big Blue could be at the forefront of making blockchain readily available in the enterprise.