Blockchain technology is quickly being adopted by more and more companies looking to incorporate its distributed database architecture into their operations. IBM is the latest company to do so and today it announced a new set of blockchain services that will run on its Cloud and Docker platforms.
The company has also introduced standards that will allow it to run blockchain services in a manner that meets security and regulatory compliance. IBM's announcement shows how the company has paved the way for big organisations like itself to adopt and develop new services using blockchain technology.
A Finnish shipping company, the London Stock Exchange, the Japan Stock Exchange and ABN Amro are a few organisations that have already signed on to collaborate with the company on projects using the new technology.
Adopting blockchain makes sense for IBM as the company has been working to offset its legacy business in favour of new-wave services based around cloud technology. The company has also gained a head start on its competitors including Microsoft that has also shown interest in developing the early stages of applications built around blockchain.
The vice president of IBM's Blockchain Technologies, Jerry Cuomo sees many possible applications : “Yes, we recognise that it was made famous in Bitcoin, and that is a very particular type of use, but when we studied that and looked at blockchain's design pattern, we decided that it works well in the context of cryptocurrency. But if you are building a blockchain that deals with health records or shipping logistics, financial data, or any reference data about products, there are rules regulatory rules and security you have to address.”
IBM has decided to develop a dedicated environment on IBM Cloud that according to the company “will allow production blockchain networks to be deployed in minutes”.