IBM recently announced its new blockchain framework and cloud supporting services.
The tech pioneer has been making some really good progress in the blockchain technology segment in the recent days. These new products are developed with the data safety in mind – so that whoever is adopting the blockchain framework to develop and deploy their own blockchain network over IBM’s cloud services, could be assured about the integrity and security of their distributed ledger network.
“A chain is only as strong as its weakest link”, the well-known saying is applicable to the blockchain as well. A single point of failure anywhere across the network may compromise the information security of the whole network.
IBM is working on building solutions that can overcome the possibility of these single point failures from happening. These new developments made by the company is very relevant at this time when the banking and financial service providers are looking to implement blockchain technology into their operations.
IBM in its release clearly mentions the shortcomings in the current scenario. Most part of the blockchain research and development has been focused on implementing the existing solutions into different industries, overlooking the respective security and compliance requirements that have to be met for each industry. Even though the concept behind blockchain is almost the same across different crypto-protocols, it is not a ‘one size fits all’ solution.
Extra precautions need to be taken while deploying permissioned blockchain networks in the cloud or in a regulated industry. Extra care needs to be taken while choosing the right cloud platform to host and operate the blockchain infrastructure. IBM’s recently announced cloud services for blockchain deployment has factored in a long list of security and compliance needs of various industries and addressed these requirements as well.
Some of the standards implemented on IBM cloud are in accordance with the following –
- Federal Information Processing Standards (FIPS 140-2)
- Evaluation Assurance Levels (EAL)
- Health Insurance Portability and Accountability Act (HIPAA)
- Sarbanes-Oxley Act. (SOX)
- Federal Information Security Management Act (FISMA)
The high security and compliance standards provided by IBM has already gained customers like BNY Mellon, which is piloting the services offered by IBM Garage for its blockchain implementations.
“Clients tell us that one of the inhibitors of the adoption of blockchain is the concern about security. 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”
-says Jerry Cuomo, the vice president of Blockchain, IBM.
IBM has been actively involved in the development of distributed ledger technology for a while now. the company is one of the contributing members of the Hyperledger project, an initiative of Linux foundation. At the same time, another tech giant Microsoft is not far behind either. Microsoft has collaborated with R3 to offer its Azure Blockchain as a Service to deploy R3’s distributed financial ledger for the banking consortium.
Almost all the tech companies are now well aware of the huge potential blockchain has to offer. In order to keep up with the industry, they have started to build products and offer dedicated services to this segment. IBM, Microsoft, Red Hat are just a tip of the iceberg.
Ref: IBM Image courtesy of NewsBTC