International Business Machine (IBM) Corp is set to revitalize the technology industry by coming up with a service that will see all businesses use th
International Business Machine (IBM) Corp is set to revitalize the technology industry by coming up with a service that will see all businesses use their clout to build their own applications using blockchain code. The code is provided by Hyperledger Project, which is a cross-industry group led by the Linux Foundation.
The U.S. Technology company is set to liberate its first code to be commissioned by the open source group. The company reiterates that the IBM blockchain which is the company’s newest product will encourage developers to build enterprise-grade technology with the help of Hyperledger Fabric. This will give the company the capability to process over 1,000 transactions per second and ease certain operations. IBM affirms that it is partnering with SecureKey Technologies and a group of Canadian Banks to build a digital identity network using the blockchain service.
The network is scheduled to be commissioned later this year and will enhance ease of operations. It will make it fast when proving a customer’s identity while accessing a variety of services including acquiring a driver’s license, opening a new bank account and many more. Banks featured in this network include Canadian Imperial bank of Commerce, Bank of Montreal, Toronto Dominion Bank, Royal Bank of Canada and Bank of Nova Scotia.
Blockchain contains various digital shared transactions which are run by different computers on the web without a dire need for a central clout. Many reputable businesses and banks in the world have been investing highly in improving their technology infrastructure with the hopes of reducing ambiguity of certain processes like managing international payments and substantially cut on cost. Technology and professional service providing firms have also been on the forefront in investing in blockchain technology in order to capture the changing market.
IBM boasts of being one of the biggest technology company in blockchain with several of its consumers benefiting greatly from the technology. It asserts that the blockchain-based asset management platform has been tested for carbon assets with Chinese company Energy-Block Chain labs. The two companies are set to commission the new IBM Blockchain this year.