For IBM, the attraction of blockchain tools is simple.
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JPX was established via the business combination between Tokyo Stock Exchange Group and Osaka Securities Exchange on January 1, 2013. Many transactions are conducted on IBM’s mainframes and if it can use blockchain on its developer and cloud services the company can garner more sales.
It has also developed a new consensus algorithm to verify the accuracy of ledger entries for specific blockchain use cases, and smart contracts that can be written in Golang and Java and run in containers, with fine-grained controls over who can view and execute them.
While the financial applications are clear – likely the reason a good chunk of companies in the Hyperledger Project are financial companies – IBM points to some other transactional uses.
The company started the project by making 44,000 lines of code available to the Linux Foundation’s open source Hyperledger Project, which is a collaborative effort to help advance blockchain technology.
IBM Global Business Services is also expanding its blockchain consulting practice for users in the banking, financial services and logistics space.
IBM is hoping to use blockchain in order to coordinate some of its back-end systems and make the process of leasing out computer equipment more streamlined.
“In just a few short months, IBM’s vision for making blockchain a powerful new business solution across multiple industries is becoming a reality as our clients begin piloting innovative new code, services and z Systems optimized for distributed ledgers”, said Arvind Krishna, Senior Vice President, IBM Research. The IBM garages are seen as a means to accelerate the design, development and implementation of blockchain for business. IBM Interactive Experience (IBM iX), revealed as the largest global digital agency will also help co-design new use cases for blockchain with its clients in over 25 IBM Studios around the world.
Many believe that blockchain will eventually become a popular way for corporations from several types of industries to maintain their records as it provides a fast, safe way to record transactions that are hard to tamper with.
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