IBM have signed up to Linux Foundation’s Hyperledger Project, including Fujitsu, Intel, Cisco and Red Hat. Hyperledger proposes to advance the blockchain idea in an open technique forming the groundwork agreement on how technology works so it can be trusted between a huge network of businesses.
Jerry Cuomo, Vice president of Blockchain Technologies and Software Engineer for IBM said this month the firm has freed up to 40,000 lines of open source blockchain code. He is very passionate about the possibility of implementing a wider set of business technology from supply chain to safety settlement. IBM determined to “put code to paper” and build it from the ground up. Cuomo explains, “It gives us confidence in what we were doing” when assembling around the Linux Foundation and generate the Hyperledger Project together. He suggested this code is and now it’s opened and governed many other dealers too.
This will guide the concept of shadow chain. It’s a way to increase blockchain into an actual business platform. IBM is now offering Blockchain-As-A-Service (BAAS) on its open standards cloud applications platform Bluemix, for creating, deploying, running, and monitoring blockchain applications on the IBM cloud.
An example, Jerry Cuomo’s concept on self-parking vehicle.
“I think the changes to the automotive industry are pretty profound. There would be new cost structures for. The example I gave with micro-insurance, reducing cost and time overheads by working peer-to-peer, allows a new type of business interaction to occur, one that wasn’t possible before. Wouldn’t it be nice not to have to pay for insurance when your car is in the garage? But how do we agree between multiple parties that yes, this is your car, yes, it’s on that road?”
Blockchain could provide a ledger that an insurer, a manufacturer, and the driver could all agree on as a trusted record. Being able to conduct business out in the open will ensure blockchain-based systems are more secure and can’t be tampered with. To be able to work at scale with partners, to do business and to empower excellent management. i think it’s a possible balance to do stuff with trust.