IBM has revealed its new platform, which will allow start-ups and existing enterprises to develop their own blockchain ecosystem.
Basically, a blockchain is a decentralized ledger on which data is massively distributed across a multitude of nodes. This network of nodes authenticates and registers all data and every transaction performed on the database.
Contrarily to traditional the traditional blockchain, which is open-source and accessible to anyone around the world, the blockchain technology developed by IBM is called a “permissioned” blockhain. This means only a certain number of “trusted” users will be able to access the ledger. It will also be possible to give different access levels to different users.
The IBM Blockchain platform is currently in Beta testing and is free to use for any developer until the official product is launched.
Wednesday, the general manager of IBM Blockchain, Marie Wieck, contacted CNBC via email,
“The new plan is perfect for pilot projects and early stage development work for those who want to build solutions on the IBM blockchain platform which currently has over 250 active blockchain networks.”
“Our expertise in building and scaling networks is invaluable and will be shared across a wide ecosystem,” she added.
Although IBM is very interested in the potential of the blockchain technology, it is not going to gravitate toward cryptocurrencies.
Wieck stated that “IBM’s bet is on the blockchain technology underneath cryptocurrencies since it powers new multi-party transactions and business models.”
However, IBM has still decided to partner with Stellar Lumens (XLM) to develop a platform that allows banks to rapidly clear and settle payments. According to Wiens, The lumens will be used as a “bridge to speed real time clearing and settlement.”
Recently, IBM announced that it had more than 63 clients for its blockchain services.