Technology heavyweight IBM has launched its Blockchain as a service platform today, named IBM Blockchain. The platform is based on the open source Hyperleadger Fabric codebase and the company state that it is the first commercial application of the technology.
Blockchain is a shared ledger for recording the history of transactions, that fosters a new generation of transactional applications that establish trust, accountability and transparency.
Blockchain in 3 minutes
IBM Blockchain will operate as a public cloud service that will be used to build secure blockchain networks.
IBM state that it has joined The Hyperledger Project to improve and develop upon earlier forms of blockchain and instead of having a blockchain that is reliant on the exchange of cryptocurrencies with anonymous users on a public network (e.g. Bitcoin), a blockchain for business provides a permissioned network, with known identities, without the need for cryptocurrencies.
Additionally IBM have unveiled the first commercially available blockchain governance tools, that will simplify setting up a blockchain network, help network members set rules, enforce network compliance, and manage membership. The company also showcased its open-source developer tools that will automate the previously manual steps taken to build with the Hyperledger Fabric.
Marie Wieck, IBM Blockchain general manager, said: "IBM has applied decades of experience running the world's largest transaction systems for banks, airlines, governments and retailers, to build the most secure blockchain services for the enterprise."