IBM has been leading the front for building secure networks with the use of Blockchain technology. With regards to the same, the tech giant has today taken the wraps off its very first commercial enterprise-ready blockchain service called IBM Blockchain. It is based on the open-source Hyperledger Fabric, version 1.0 developed by the Linux Foundation. It was announced at IBM’s annual InterConnect conference in Las Vegas.
This blockchain-as-a-service framework facilitates the building of enterprise-grade blockchain networks which have a tight lid on the security front. These networks are quickly scalable and allow new network members to join and transact at rates of more than 1,000 transactions per second. It allows customers to create, deploy, and manage these networks on the IBM Cloud that are only accessible to the members of the network. This means you can freely share data on your trusted network, with almost negligible chances of any snooping from outside.
Talking about this new tool, Marie Wieck, general manager, IBM Blockchain 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. 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.
Further, the official press statement goes on to debunk the theory that blockchain networks are inherently safe for sharing private information or completing transactions. It says that the said systems are only as safe as the infrastructures on which they reside — which here is IBM’s High Security Business Network.
This service is said to offer the most secure Linux environment by providing protection from insider attacks and safeguarding entry points of the network. It is further bolstered by tamper-responsive hardware security modules, which protects encrypted data which has been stored on your network. Also, IBM Blockchain also includes new open-source developer tools for Hyperledger Fabric called Fabric Composer.
Also, the launch of IBM Blockchain is coupled with new open-source developer tools for Hyperledger Fabric called Fabric Composer. It enables developers to translate their business concepts into actually useful code using these tools. It allows them to automate tasks that usually take weeks to be completed within minutes — by modeling business networks, create APIs that integrate with blockchain networks, and build corresponding UI interfaces as well.
In addition, IBM has today announced the release of their very first commercially available blockchain governance tools. These make it relatively easy to set up blockchain networks within an organization — assign roles, set up rules, manage memberships, and enforce network compliance from a single dashboard. The tech giant has also recently set up a Blockchain Innovation Center in Singapore.
As for the Hyperledger Fabric technology, it is a framework which allows the development of enterprise-grade blockchain networks Under the guidance of the Linux Foundation, it is being developed by members of the Hyperledger consortium alongside other open-source blockchain technologies. The Fabric has recently been upgraded to an active state and it is expected to be made available in the coming weeks. This can be seen as the operating system for IBM Blockchain, which facilitates the primary functioning of the service.