At July’s European Blockchain summit, IBM showed that it meant business in Blockchain, highlighting the technology’s potential and emphasising its broad experience in this nascent technology. They have now made another major step forward by launching the IBM Blockchain Platform.
This “fully-integrated, enterprise-ready blockchain platform” is based on Hyperledger Fabric V1 technology and is delivered and supported via the IBM Cloud. This offering is currently aimed at providing “permissioned” distributed ledger networks (rather than implementing “full-fat” blockchains which will surely follow).
IBM has also announced a major initiative in food safety, connecting ten leading (mainly US-based) food manufacturers and retailers and their supply chains. This consortium will identify opportunities in the food supply industry to quickly, accurately and securely monitor the flow of foodstuffs to improve quality, reduce waste and promote health and safety imperatives. This implementation is an excellent example of the potential benefits of blockchain, which allows the storage and rapid communication of secure, immutable and trusted data across an extensive ecosystem.
IBM currently has 9 live networks in operation across trade finance (BoAML and HSBC) and logistics (Maersk), financial markets (DTCC, JPX, CLS) and transactions/payment management (Union Pay, MUFG, Mizuho) in addition to the Food safety initiative.
IBM aims to capitalise on its head-start in offering a ready-to-go blockchain, exploiting its customer base and IBM Cloud’s reach. It will leverage 1,600 consultants across Global Business Services to promote and implement blockchains. It is also offering access to its blockchain network and expertise free of charge to 1,000 universities, in order to build a development community and to become ingrained as a preferred route to blockchain. Other companies will develop competitive offerings, but IBM’s approach and market-stimulating initiative will mean that many aspiring blockchain providers and users will look to IBM for leadership.