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As expected, IBM launches BaaS, Blockchain as a Service

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March 21, 2017

IT Direction predicted this several months ago, and now it has arrived on our doorstep. IBM has officially launched BaaS, its Blockchain as a Service implementation for banking and financial transactions.

To be sure, IBM Blockchain is a public service for the building of tailor-made blockchain solutions on the IBM Cloud.

According to the IT behemoth, enterprise customers could even trade paper using its BaaS.

According to Gartner, blockchain and bitcoin technology is near the peak of inflated expectations at the moment, but that could change sooner than some think, and Big Blue sure has a lot of hope for the technology.

In 2016, IBM has open-sourced a large chunk of the blockchain code via the Linux Foundation’s Hyperledger Project.

IBM's Marie Wieck, general manager for the new BaaS unit, says it has "applied decades of experience running the world's largest transaction systems for banks, airlines, governments and retailers, to build the most secure blockchain services for the enterprise segment".

"IBM's blockchain services are built on the company's High Security Business Network and designed for organizations that require blockchain networks that are trusted, open and ready for business," she added, although we're not aware of many organizations that require blockchain networks," she asserted.

But there are some that do, according to IBM. The IT giant, which recently took the axe to several staffers, is looking after blockchain applications in the cloud for clients including startup Everledger as well as the Bank of Tokyo, Mitsubishi UFJ and Northern Trust.

Based on the Linux Foundation's Hyperledger Fabric version 1.0, IBM's BaaS will sit on Big Blue's High Security Business Network which is sold on a number of claims of full-stack security implementations, including secure service containers and tamper-responsive hardware security modules.

IBM Blockchain for Hyperledger Fabric v1.0 is now available through a beta program on IBM Bluemix. Hyperledger Fabric is also available on Docker Hub as an IBM-certified image available for download at no cost.

Source: IBM Corp.


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