Recently IBM announced to release the new IBM Blockchain, a service for the enterprise that allows companies to operate, create and monitor distributed ledgers on the IBM cloud. The most popular cryptocurrencies, Bitcoin use Blockchain to distributed ledger where the transactions can by track and verify by any member of the group. The blockchain serves as the official online ledger in cryptocurrencies transactions.
IBM analyze the potential of blockchain for enterprise use. The company considered blockchain technology beyond the use of its integration in managing a cryptocurrency and digital money transactions and open to work areas much larger. IBM also announced several financial applications of the IBM Blockchain.
IBM developing blockchain-based identity management platform designed for banks.
blockchain-based identity management platform that allows users to register and validate their personal identity information and lock their identity in order to prevent identity theft and fraudulent activity on their credit reports. Civic aims to tackle the problem of consumer identity theft and reducing online identity fraud.
It is already used by some companies and it will be adapt by many other companies, The companies include SecureKey Technologies and the Chinese Energy-Blockchain Labs. SecureKey intends to operate a pilot project involving six Canadian banks. The program will make it easier for consumers to authenticate their identity. The participating banks include BMO, CIBC, Desjardins, RBC, Scotiabank and TD, which have invested a total of $ 27 million in SecureKey.
“What IBM is building with SecureKey and members of the digital identity ecosystem in Canada, including major banks, telecom companies and government agencies, will help tackle the toughest challenges surrounding identity,” said Marie Wieck, general manager, IBM Blockchain. “This method is an entirely different approach to identity verification, and together with SecureKey, we have a head start on putting it on the blockchain. This is a prime example of the type of innovation permissioned blockchain networks can accelerate.”
The network will be based on IBM Blockchain and Hyperledger Fabric. The development of IBM Blockchain is the collaboration with Hyperledger project run by the Linux Foundation, as the IBM Blockchain is based on the open source Fabric Hyperledger.
According to IBM, Fabric is built for enterprise-level systems, and it can handle “more than 1,000 transactions per second among large ecosystems of users.”
Among other companies, Energy-Blockchain Labs aims to support other companies to respect the limitations on carbon emissions. The use of a distributed system for emission tracking registry will improve efficiency in the market and the credibility of the parties involved.
Features of IBM Blockchain