IBM has introduced a cloud-based blockchain service for business-to-business networks that allows companies to test performance, interoperability and privacy of blockchain ecosystems. The company noted in a press release that the service is suited to organizations in regulated industries.   

IBM’s blockchain cloud is supported by IBM LinuxOne, which IBM considers the industry’s most secure Linux-only server. LinuxONE addresses the security requirements of the healthcare, government and financial sectors.

Cloud Gives Secure Access

IBM’s cloud services are designed to run blockchain in a production environment to enable clients to easily access a secure, portioned blockchain network they can deploy, test and operate. The IBM blockchain cloud protects data and entry points. The service is currently in limited beta. IBM’s latest blockchain version is available through Bluemix, a service that creates blockchain applications and enables developers to monitor them on the IBM cloud.

A Blockchain Pioneer

The new service marks a continuation of IBM’s pioneering role in promoting blockchain technology.  Everledger, a company that tracks diamonds and other valuable products, is using the IBM blockchain to support Everledger’s global certification system through its supply chain. The service helps protects shippers, suppliers and buyers from counterfeiting, theft and other risks. Everledger uses the blockchain to demonstrate the origin of the goods. Leanne Kemp, CEO and founder of Everledger, said access, transparency and secured records are “everything” in the business of provenance. Being able to build, test, scale and refine on the IBM blockchain has accelerated Everledger’s ability to deliver innovative solutions to its partners confidentially.  CCN reported last year that Everledger has received 850,000 diamonds to catalog and submit to the blockchain, essentially notarizing their ownership. Doing this makes the contract with the insurance company immutable and works in favor of both parties. The company makes money from its technology and from the blockchain’s notary capacities.

Data Breach Costs Soar

The cost of a data breach for enterprises reached $4 million last year while security incidents jumped by 64% in 2015, IBM noted. As a result, security is not just within the blockchain but with all technology the ledger touches. Donna Dillenberger, an IBM enterprise solutions fellow, said blockchain technology will change the way industries transfer digital assets, financial instruments and high-value goods. “With IBM Blockchain, we are expanding access to the emerging technology — not only by making it easy to get up and running on the IBM cloud, but also by using the most secure infrastructure,” Dillenberger said. IBM has pushed for the quick adoption of blockchain technology among enterprise and multiple industries with several newly revealed initiatives and commitments.

Innovation On Many Fronts

IBM’s previously released 44,000 lines of code, now deemed open-source, to the Linux Foundation’s Hyperledger Project, an open-source project that IBM is a member of, CCN reported. The code was developed by more than 35 global IBM researchers and software developers solely working toward the Linux Foundation project. The company is also opening blockchain-centric spaces in the major financial hubs around the world called IBM Garages. These spaces will enable IBM experts and developers to discuss the design and implementation of blockchain for businesses. IBM has noted that over 100 technical architects are working toward fast-tracking blockchain applications and technology for businesses.