IBM Puts Its Twist on Blockchain With New Security Framework
IBM launches new secure blockchain services for financial services, government and health care on IBM Cloud.Once again, IBM has taken an emerging technology and put its own special twist on it to make the technology work for Big Blue and its enterprise customer base. This time it's the blockchain distributed ledger technology that IBM has optimized. IBM has been able to tap into emerging technologies and quickly adapt them to the IBM way. The company has done this with a host of technologies such as Apache Spark, Hadoop, Cloud Foundry, Java, Linux, the Internet of things (IOT) and more. A blockchain is essentially a distributed database that enables users to design a digital ledger of transactions and share it amongst a distributed network of computers. Blockchain is the technical foundation of Bitcoin and other cryptocurrencies, largely because it provides a transparent, secure and simple way to transact business. The core components of blockchain are a network of computers, a network protocol and a consensus mechanism. IBM refers to blockchain as an operating system for interactions. "It has the potential to vastly reduce the cost and complexity of getting things done," reads a description of blockchain on IBM's Bluemix site. "The distributed ledger makes it easier to create cost-efficient business networks where virtually anything of value can be tracked and traded, without requiring a central point of control."
However, because blockchain is an emerging technology, no standards have been established on the requirements to securely operate blockchain networks in the cloud, IBM said. To help speed the adoption of blockchain for business, IBM announced a new framework for securely operating blockchain networks, as well as new services on the IBM Cloud that meet existing regulatory and security requirements.