New framework will allow governments and big business to get to grips with blockchain technology securely
IBM hopes to promote the use of blockchain technology – and cryptocurrencies like Bitcoin – in government, financial services and healthcare with the launch of a new system that allows blockchain networks to operate securely.
Developed with the help of security experts, cryptographers, hardware experts and researchers, IBM says its new release will address issue in some existing blockchain services that leave back doors open to vulnerabilities that allow tampering and unauthorised access.
However its new precautions will meet federal security standards to allow peace of mind when using this burgeoning new technology.
“While there is a sense of urgency to pioneer blockchain for business, most organisations need help to define the ideal cloud environment that enables blockchain networks to run securely in the cloud.”
The company has also announced several upgrades to its IBM Cloud platform which it says will allow production blockchain networks to be deployed in minutes, running signed, certified and tested Docker images with dashboards and analytics as well as support, as well as being available on its Bluemix platform.
Support for blockchain technology has been growing gradually in recent years, as an increasing number of businesses look to harness its potential to provide smoother and more secure online transactions.
Earlier this week, the technology received a major show of support from the UK Government after Cabinet Office Minister Matthew Hancock confirmed it was looking in to how the technology could be used to manage and keep track of the distribution of public money, such as grants and student loans.
Last year, it was also reported that the NASDAQ stock exchange was also evaluating blockchain, the underlying technology behind Bitcoin, in order to see if it could be used in trading of shares in private companies.
This is despite the Bank of England raising its suspicions about Bitcoin last year, warning that the digital currency could pose a threat to financial stability in the UK should it see widespread adoption.
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