Hyperledger Fabric 1.0, an open source implementation of the blockchain technology underlying Bitcoin, is the foundation of IBM’s new Blockchain as a Service offering.
IBM says BaaS is a public cloud-based service that customers can employ when creating secure networks of blockchains.
Blockchains captured the imagination of software developers, information architects, and security experts in 2008 when it was employed as a mechanism for tracking and recording transactions made with Bitcoin digital currency.The technology is essentially a transparent, tamper-proof ledger for recording transactions.
Researchers quickly realized that blockchains could track any kind of data, not just digital currency, in networks.
The technology allows any group of users, including countries and corporations, to establish trusted networks that can provide a secure, trackable means for members to share information.Blockchains prevent data from being altered once it has been added to the chain, which virtually eliminates the possibility of fraud.
IBM Blockchain VP Jerry Cuomo says the technology giant offers customers a comprehensive set of cloud-based services that support the creation, deployment, and management of blockchain networks.
IBM is a contributing member of the Linux Foundation’s Hyperledger Fabric team, which provides the open-source technical foundation to its new service.IBM BaaS includes additional security services for enterprise customers.The cloud architecture makes it easier and less expensive for corporate clients to get started with blockchains compared to setting them up on private datacenters.