10 Things to Know About IBM’s Blockchain Ecosystem

10 Things to Know About IBM’s Blockchain Ecosystem

IBM has introduced a new online ecosystem to encourage enterprises to develop innovative business applications for blockchain database technology.

IBM Is Targeting ‘Innovators’

IBM’s blockchain ecosystem is designed for “innovators,” the company said Dec. 7 in a statement. Those innovators include venture capitalists, startups, system integrators, independent software vendors and enterprise developers that want to build networks, according to IBM. The networks they create can be used by other companies to link their operations and improve efficiencies.

It’s All About Blockchain App Creation

The goal for IBM’s blockchain ecosystem is to help corporate innovators create apps that use blockchain. Those apps would be used by companies across several different industries to help them track medical records, business transactions, industrial production data and more. All the apps would rely on the blockchain to deliver their features.

What Is Linux Foundation’s Hyperledger Fabric v1.0?

All of IBM’s programs are designed to support the Linux Foundation’s Hyperledger Fabric v1.0, a platform for enterprises to get access to blockchain technology. While Hyperledger Fabric has been in the works for quite some time, version 1.0 focuses on security and scalability. Companies that use the platform will find it can handle sophisticated transactions and keep track of an ever-growing set of records. Plus, it has several security features to prevent hackers from accessing and modifying data. Since it’s a Linux Foundation platform, the community is encouraged to contribute code to improve Hyperledger Fabric.

IBM Is Providing Training, Tools for Blockchain

To get the innovators thinking about and developing ways to use IBM’s blockchain ecosystem, the company says it will have a “Hyperledger Fabric” channel on the Slack cloud collaboration platform that provides technical support. In addition, IBM says it will provide education and tools for the innovators to get started and offer online courses and learning modules through its site.

Understanding the IBM Blockchain Ecosystem

The IBM blockchain ecosystem is designed to be an open platform on which companies can network and collaborate on their blockchain and the Hyperledger Fabric integration. This means IBM isn’t providing the platform on which companies will create blockchain networks; rather, it has created a place on the internet where companies work together to accelerate their use of blockchain.

The Industries Most in Need

In a statement, IBM noted several industries that might benefit from blockchain networks. Chief among those industries are financial services, supply chains and health care. IBM also believes companies working in the internet of things market and risk management businesses also could benefit from blockchain networks.

IBM Has Several Partners, but Wants More

To kick off its ecosystem, IBM announced that several partners have signed on to its service. Those companies include platform-as-a-service company Cloudsoft and Mobile commerce technology company Gliding Eagle. IBM has also been able to sign on regulatory compliance company Netki and a venture capital studio named The Hive. IBM says it plans to add many more companies as time goes on.

IBM Wants to Play a Central Role in Business Networking

IBM says any blockchain-based operation is a “network business” and needs an ecosystem where companies can “share tools, information and relationships.” The ecosystem, in other words, is a way for companies to work together to improve their businesses through blockchain networks. IBM believes the center of business networking is where it can make the biggest impact.

IBM Blockchain Connect-A-Thon Slated

In a bid to attract more companies to blockchain and Hyperledger Fabric, IBM announced a “connect-a-thon” for Dec. 17. That day, IBM will be working with companies to set them up on Hyperledger Fabric v1.0 and get them using blockchain. The companies then will be part of the IBM blockchain ecosystem and can start accepting secure and confidential transactions that will be tallied by the blockchain.

A Look at an IBM Ecosystem Participant

According to IBM, Ernst & Young is using blockchain to help its clients use the technology in their businesses. Ernst & Young could be a particularly valuable blockchain ecosystem partner in the field of financial and professional services.