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Technology / Cybersecurity

IBM launches Blockchain as a Service on Hyperledger Fabric

IBM is working with SecureKey Technologies to deliver a network for attribute sharing and digital identity, and it is to be based on IBM Blockchain Hyperledger Fabric.

The central goal of the project is to make the process of consumer verification easier and more efficient, while enhanced privacy and security are also included in the developments.

The launch of the network is targeted at being later this year and consumers can expect to be able to the identity verification service for new bank accounts, driver’s licenses and utilities.

The network is currently undergoing a testing phase that has been initiated in Canada, when live Canadian users will have the option to utilise the service using a mobile app.

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IBM’s Blockchain service is built on the Linux Foundation’s open source Hyperledger Fabric v1.0. The Hyperledger Fabric is essential for complying with regulations as it is a permissioned blockchain, a requirement for data protection and confidentiality.

Marie Wieck, general manager, IBM Blockchain said: “What IBM is building with SecureKey and members of the digital identity ecosystem in Canada, including major banks, telecom companies and government agencies, will help tackle the toughest challenges surrounding identity.

“This method is an entirely different approach to identity verification, and together with SecureKey, we have a head start on putting it on the blockchain. This is a prime example of the type of innovation permissioned blockchain networks can accelerate.”

READ MORE: J.P. Morgan, Microsoft, Accenture form new blockchain alliance

The data protection and identity security matter is important in this space, as new security precautions are being eagerly pursued with the threat landscape proving ever more ominous. Projects such as this may also lead to growing confidence in Blockchain, encouraging its global uptake.

Greg Wolfond, Founder and CEO, SecureKey Technologies said: “Hyperledger Fabric is by far the most advanced permissioned-blockchain technology available today, in my opinion, both in protecting user data and allowing us to work within the context of industry and country privacy laws.”
This article is from the CBROnline archive: some formatting and images may not be present.