IBM Launches Blockchain Service for Developers

Blockchain, FinTech, News | March 20, 2017 By:

Tech giant International Business Machines has a new software-as-a-service platform that will allow developers to build new applications on its cloud.

The new service is called IBM Blockchain, and claims to be the first platform that will allow developers to build enterprise-grade technology using Hyperledger Fabric, an open source code created by an industry group led by the Linux Foundation.

The Hyperledger Fabric blockchain can allegedly process more than 1,000 transactions per second.  IBM touted features that would allow large enterprises to develop new applications.

As part of its announcement, IBM said it was working with SecureKey Technologies and a Canadian banking group to build a digital identity network using the new blockchain service. That network is expected to launch later this year and will allow consumers to prove their identity when open new bank or utility accounts, among other uses. Participants in the project including Bank of Montreal, Royal Bank of Canada, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and Toronto-Dominion Bank.

IBM has been aggressive in its blockchain developments. Earlier this year, it claimed to have tested a blockchain management platform for carbon assets with China’s Energy-Blockchain Labs. That project is also slated for release later this year.