Every business records numerous transactions every passing minute, with each member maintaining a separate ledger. Having numerous ledgers only raises the risk of fraud. Additionally, there is a high risk of error and inefficiencies with manual ledgers. Designed with a aim to reduce vulnerabilities and fraud risk, Blockchain is a temper-proof digital ledger that transparently records the accomplish transactional history. This ensures more reliable global transactions as no switches can be made retrospectively, which helps improve tracking efficiency. Additionally, any government agency or private business can set up a trusted network where members can share information loosely, believing that only members can see it and there is no risk of information breach.
Some of the key benefits of IBM’s Blockchain include:
· Accurate recording of ledgers in the network, with a finish history of each transaction.
· No records can be undone – nothing can be deleted or inserted halfway through the Blockchain. This means no information can be altered once it has been entered.
· Nobody can dispute the Blockchain records.
· High availability and integrity are the key features of a Blockchain.
Difference Inbetween Bitcoin and Blockchain
Bitcoin and Blockchain may be confused as the same thing, but they are slightly different, while being closely related. Blockchain is a collective digital ledger record maintained by a network of Internet-connected computers. It is designed to reduce the complexity, time, and money involved in carrying out some of their most burdensome processes.
Bitcoin was the very first application of Blockchain, which was released as opensource code. Launched to simplify online transactions, Bitcoin is a type of unregulated digital currency designed to eliminate third-party payment intermediaries.
While Bitcoin transactions are processed using a distributed ledger on an open, anonymous peer-to-peer network, Blockchain technology is used to maintain the Bitcoin records. In elementary words, the Bitcoin Blockchain is a database comprising the Bitcoin transaction history. Since the database is distributed across a network, participants must validate transactions before recording the same. This means that participants can rely on the Blockchain even however they might not trust each other.
Blockchain promises to switch how you do business by suggesting trust because any recorded transaction on a Blockchain cannot be altered.
IBM's Blockchain Solutions and Services
IBM has updated the Blockchain with a set of security features so that enterprise customers are attracted to it. This is in addition to its suggesting IBM’s Blockchain as a cloud service to simplify technology and making it lightly accessible.
As a security measure, IBM has taken serious safeguards to prevent any breach. This includes
· Designing a security container for the ledger
· Isolating the ledger from the general cloud computing environment
· Preventing unauthorized access
· Suggesting tamper-responsive hardware that can shut itself down if a hacking attempt is detected
· Ensuring information security
In addition to this, the Blockchain is designed in a very auditable way that helps tracking of all the activity that happens within the network and facilitates secure sharing of information across the network. This gives administrators an audit trail if something goes wrong.
IBM's blockchain-as-a-service is powered by The Linux Foundation's project Hyperledger Fabric v1.0, that can be used for building secure Blockchain networks. Designed with an array of features to facilitate building of apps by large enterprises; Hyperledger Fabric can seamlessly process over 1,000 transactions per 2nd.
It is capable of securely tracking Bitcoin’s activity in a translucent manner. It can also track all types of information in private Blockchain networks.
This complements with the company’s strategy to provide its customers with a range of cloud services.
Enterprise Production Blockchain
IBM's Blockchain solutions are based on the open source Hyperledger Fabric, a transaction framework maintained by Hyperledger. The use of blockchain technology across enterprise enables users to see not only the past and present records, but also foresee the future. Attention to detail and quality and high standards with which open source projects are governed give Hyperledger Fabric an upper palm as a DLT platform for enterprise-wide use. The embedded logic in brainy contracts can help in the automation of business processes across the network.
Fully Managed Blockchain-As-A-Service
As the respectable face of Bitcoin, Blockchain is capable of tracking all types of data in private networks. Users can achieve decentralized consensus with a Blockchain, which makes it apt for recording medical records, transaction processing, and identity management. It is even useful for proving data provenance. It is capable of tracking all types of data in private blockchain networks.
As the very first managed service for Hyperledger Fabric, IBM’s Blockchain makes it effortless to build, operate, and govern business networks and securely track money and data. The concentrate of this cutting-edge system is to ensure high levels of spectacle and security while maintaining privacy.
With the service, you can create Blockchain business networks, distributing ownership and control across a range of organizations. Operators can use dashboards for running and maintaining the network. Manage a Blockchain database autonomously with a distributed timestamping server. A peer-to-peer network also comes in handy. The use of timestamps gives accurate detail about the accomplish history of records, including the updates.
As an open, distributed ledger, Blockchains can efficiently record transactions inbetween parties. Even the ledger can be programmed to automate transactions.
The more the number of participating companies, the more streamlined the process, as Blockchains do not have much value within a single organization. With an increase in the number of companies and competitors, the value of Blockchain increases.
IBM® supports Hyperledger Fabric, which comes with the capability to run your business operations slickly on Docker photos, which are IBM-tested and validated. Additionally, there is 24/7/365 support available, with two-hour response time, so users never have to wait for long to get response to their queries.
IBM’s Blockchain service based on Hyperledger Fabric is designed to enable developers to effortlessly build and host security-rich production Blockchain networks in its cloud. Hosted by The Linux Foundation®, Hyperledger is an open source collaborative solution designed to advance cross-industry Blockchain technologies and establish transparency, trust, and accountability.
The modular, plug-and-play architecture hosts clever contracts or “chaincode” using container technology that comprises the application logic.
Open Source Technology
IBM has launched its enterprise-ready Blockchain model for cross-industry blockchain technologies with a high-security business network.
With its enhanced security coverage, the company has come up with open source developer devices for the automation of Blockchain service models using the Hyperledger Fabric. Hosted by The Linux Foundation, Hyperledger is an open source platform.
Fresh Blockchain governance devices facilitate the networking of different members at one place.
As a developer, you can use these latest contraptions to create application program interface (APIs) and model business networks. Additionally, you can integrate APIs with the Blockchain network and their present systems.
The open source program is created as part of global collaboration to advance Blockchain technology by addressing key features for an industry-wide open standard for distributed ledgers.
An extensive, open development framework, Hyperledger Composer is designed as a toolset to make the development and integration of blockchain applications lighter. It also helps accelerate time to value. The programming model comprises a modeling language. Besides, it comes with a set of APIs that help define and deploy business networks and apps for participants to send transactions.
With the Hyperledger Composer, you can deploy a blockchain solution quicker than ever. It is possible to develop and deploy these solutions within a matter of weeks rather than months. With Composer, you can seamlessly integrate the existing systems and data and model your existing network with blockchain apps.
As a support for the existing Hyperledger Fabric infrastructure, Hyperledger Composer offers support for pluggable Blockchain protocols. This helps ensure the validation of transactions according to the policy by the designated participants of the business network that are associated with a unique identity.
Participants can access transactions based on their role, which may be as a realtor, seller, or buyer. Additionally, it is possible to integrate the business network with the present inventory system. Relevant parties can be registered as participants.
With the practice of working with over four hundred clients across different industry verticals, the IBM Blockchain experts can help speed up the implementation of your Blockchain service solution.
IBM Bluemix Garage for Blockchain
Focusing on industry best practices, IBM Blockchain experts promise to give you a tailor-made Blockchain business solution, turning fresh concepts into reality. The IBM tech garage is designed to help expansion of ledger applications and transformation of business networks. It has a diversity of different offerings for businesses.
The Garage brings together developers, business leaders, and technical architects who seek a deeper understanding of blockchain.
• Tap into IBM resources
· Accelerate innovation in the field of distributed ledger technology and financial technology
· Build up a deeper understanding of technology
· Get a deeper insight into blockchain use cases and business models
· Accelerate the development of use cases
· Facilitate the deployment of blockchain use cases
· Determine the road map for solution
· Hone abilities through collaboration with other experts from the blockchain technical background
· Create and deploy apps in an agile format with cloud technology
· Validate applicable use cases
· Create a blueprint and MVP (minimum viable product)
IBM Blockchain Founder Accelerator
An expansion of the Blockchain ecosystem, the IBM Blockchain Founder Accelerator program is designed for enterprises and developers to ensure quicker evolution of blockchain networks into production. The program aims to provide support, guidance, and technical expertise to help developers bring fresh blockchain networks into production. This is meant to support a Blockchain ecosystem of users.
The program provides off the hook access to technology, consulting expertise, and support for establishing fresh blockchain networks.
The accelerator can help address the key challenges identified by early adopters and enterprise developers through the development of leading blockchain networks. Its one-on-one mentorship programs are the best source of guidance for users.
The Accelerator members will get effortless access to the fresh software in the IBM Cloud. This will help reduce time and the need for technical expertise to write elaborate blockchain code. The fresh capabilities will help clients create very secure blockchain ecosystems in the cloud.
There are two tiers, including
• Tier one for members who are ready to build their MVP
• Tier two for members that are ready to build their MVP with support from Bluemix Garage
Being a team sport, Blockchain comes with immense benefits for the right participants. Since IBM is proactively building enterprise-wide blockchain ecosystems across industry verticals, developers will get access to agile design boot camps. This will enable them to create, iterate, and launch dynamic business networks.
IBM Blockchain makes it lighter for developers to run, build, and govern these networks with widespread control and ownership distributed across a range of organizations.
Dynamic blockchain networks can be bootstrapped using the latest Hyperledger fabric architecture, creating numerous communication channels, and configuring network policies.
IBM’s Blockchain Advantage
If one of your main inhibitors to the adoption of blockchain is the concern about security, IBM has come up with a fresh framework that meets stringent security and regulatory requirements and is designed to securely run blockchain networks in the cloud.
Hyperledger promises to make it lighter to use blockchain-based services in any environment and quickly build apps.
As other technology companies and professional services ramp up their investment to capture the nascent blockchain market, IBM is aggressively helping developers develop apps with the Blockchain with a concentrate to overcome existing limitations in the technology. Explore IBM’s blockchain technology to see how it will contribute to the industry growth and overcome limitations in terms of spectacle, privacy, and scalability.
Blockchain technology is here to stay with innumerable opportunities for disruptive innovation and trusted transactions. Leverage the fresh technology to manage global business transactions without friction and deeper trust.
Convert your dynamic business networks with Blockchain Bluemix Garage and consulting experts.
Role: IBM North America Cloud and Analytics Evangelist