Recently, IBM announced a new blockchain architecture based in the cloud after working with “hundreds of clients, startups, and developers.” The protocol is a cloud service that address security standards, regulatory compliance with Federal Information Processing Standards (FIPS 140-2) and Evaluation Assurance Levels (EAL). The firm is also making it easier for developers to use both Hyperledger Project resources and its cloud platform, Bluemix.
By Jamie Redman
IBM believes that with better security and satisfying corporate requirements early on, it can allow anyone to securely operate distributed ledger framework in the cloud. Developers can apply this protocol to government services, healthcare, and financial applications without worrying about compliance. Jerry Cuomo, vice president, Blockchain IBM says clients they spoke with want top-notch security when using cloud-based blockchain services. So the firm is defining a shielded operation that ensures a secure cloud platform that hosts distributed ledger infrastructure. Cuomo explains:
Clients tell us that one of the inhibitors of the adoption of blockchain is the concern about security. While there is a sense of urgency to pioneer blockchain for business, most organizations need help to define the ideal cloud environment that enables blockchain networks to run securely in the cloud.
Enterprise ready blockchains are at the forefront of major institutions everywhere, and IBM wants to spearhead this technological breakthrough. Legacy companies who are backing the project include the London Stock Exchange, Cisco, JPMorgan, State Street, Intel, and other firms. The IBM cloud production can be optimized in minutes offering an “auditable operating environment with comprehensive log data” and “Tamper-resistant storage of crypto keys.” Furthermore, the company says the service allows blockchain peers to run in highly secure and protected environments within its cloud services.
The cloud-based platform is built to scale “thousands of users” that can run certified and tested software with analytic support. The new framework is expected to ensure the data and assets being exchanged or held within the IBM cloud will be immutable to hackers. Current database technology is inefficient and has been subject to numerous breaches and attacks in the past. The blockchain technology IBM is constructing will allow a trusted network between multiple parties without the involvement of middlemen. Eiji Ueki, director and executive vice president, NTT DATA said in the announcement:
Blockchain is a highly innovative and promising technology. However, there are a lot of issues to be solved for enterprise systems. IBM’s new blockchain cloud service is directly trying to address those issues. We believe this will help accelerate the maturation of blockchain technology.
IBM has competition, as there are other firms trying to take the lead in the distributed ledger package race. Other companies, such as Chain Inc., also want to deploy enterprise-ready blockchain solutions and have recently released its protocol Open Standard 1 to select clientele. Chain is also preparing for industry standards, regulatory oversight, and existing asset transmission attributes that are applied today. IBM’s launch of its cloud with Bluemix will help developers work with the technology right away, and the firm believes the architecture will make it easier to launch blockchain solutions faster.
“With this announcement, we’re looking to rev the engine on mass distribution,” Jerry Cuomo said.