IBM Research senior vice president Arvind Krishna at the InterConnect 2017 in Las Vegas[/caption] Asked in a press briefing why IBM is aggressively pursuing blockchain, top company executives said the technology world needs a ?common protocol? to keep order in a variety of industries, especially in the financial and supply chain sectors. ?By leveraging on blockchain, companies can avoid fraud and easily track their transactions,? said Arvind Krishna, senior vice president at IBM Research. While many think blockchain is an inherently safe technology, IBM said blockchain networks are only as safe as the infrastructures on which they reside. IBM said its High Security Business Network offers secure Linux infrastructure that integrates security from the hardware up through the software stack. The company said its blockchain service is designed to help developers deploy and manage blockchain networks on the IBM Cloud, and the company was first-to-market with its High Security Business Network services for regulated environments. The tech behemoth said clients ranging from startup Everledger to financial services firm Bank of Tokyo-Mitsubishi UFJ and Northern Trust are among the organizations now running their blockchain applications on the IBM Cloud. “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,” said Marie Wieck, general manager for IBM Blockchain. “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.” To further promote the technology, the company announced the IBM Blockchain, which is said to be the first enterprise-ready blockchain service based on the Linux Foundation’s Hyperledger Fabric version 1.0. The service enables developers to build and host production blockchain networks on the IBM Cloud, and is underpinned by IBM LinuxONE server. The Linux Foundation’s open-source Hyperledger Fabric v1.0 is being developed by members of the Hyperledger consortium alongside other open-source blockchain technologies. The Hyperledger consortium’s Technical Steering Committee recently promoted Fabric from incubator to active state and it is expected to be available in the coming weeks. It is designed to provide a framework for building enterprise-grade blockchain networks that can quickly scale as new network members join and transact at rates of more than 1,000 transactions per second among large ecosystems of users.
ONGOING | Why is IBM pushing blockchain technology? Company executives explain the reasons at the ongoing InterConnect tech event in Las Vegas. #ibminterconnectPosted by Newsbytes.PH on Monday, March 20, 2017