IBM is stepping up its interest in distributed ledger technology, setting out a new framework for securely operating blockchain networks in the cloud, and outlining details of a partnership with BNY Mellon.
Big Blue invests in blockchain startups through its stake in Digital Asset Holdings and has also donated 44,000 lines of code to the Linux Foundation’s Hyperledger project. Now the tech giant is getting more directly involved as it seeks to bring distributed ledger technology to major clients in the financial services, government and healthcare sectors.
The new framework promises to enable clients to securely operate blockchain networks, as well as new services, on the IBM Cloud in compliance with existing regulatory and security requirements.
The company is also making it easier to use its code based on the Linux Foundation Hyperledger project in any environment, and offering services on Bluemix, its cloud platform, to help developers quickly build applications.
"Clients tell us that one of the inhibitors of the adoption of blockchain is the concern about security," says Jerry Cuomo, VP, blockchain, IBM. "While there is a sense of urgency to pioneer blockchain for business, most organizations need help to define the ideal cloud environment that enables blockchain networks to run securely in the cloud."
Meanwhile, the firm says that it is also taking advantage of the opening of its 'IBM Garage' physical space in New York to work with clients such as BNY Mellon on the design and development of an application for securities lending, using a blockchain network to trade and transfer assets.
Suresh Kumar, CIO, BNY Mellon, says: "With this new initiative, IBM is providing an environment that will allow companies like us to collaborate more easily and more securely and in a more standardized way, which is critical to advancing meaningful use cases for blockchain."