IBM is one of the largest corporations to create a major blockchain ecosystem offering services to many hundreds of other institutions. Now IBM has created a blockchain network just for Australian clients. It’s an interesting combination of blockchain cloud technology that uses the familiar public ledger system, but has the option of restricting ledger access to trusted participants within national borders. It’s a free and open system, within completely restrictive digital boundaries. It’s a veritable digital nation, one which offers countless service benefits to Australian companies of all kinds.
IBM’s Australian branch acknowledges that businesses often rely on 2 or more cloud services. Integrating multiple cloud services is complex, to say the least, and inherently decreases the efficiency with which the resulting meta-systems can function. Distributed ledger technology enables more fully integrated service cloud behaviour, with selective transparency available to national network users, that’s nonetheless invisible and inaccessible to all others.
So what are these services and data which cannot cross Australia’s borders? Well, IBM says that almost all industries now incorporate blockchain technology in some form, so these services aren’t unfamiliar to us. They’re just more secure and robust than ever before.
For example, IBM cites the value of its blockchain services for the supply chain management industry. As you can see in the images above, Australian products can be identified and recorded on the blockchain, and their entire supply chain history logged from manufacture to consumer. IBM’s blockchain services (built on Linux’s Hyperledger, by the way) are also used for many financial services, for which national data security is of the highest importance.
Basically, any business purpose for which data is used will find a natural fit within the Australian IBM blockchain network. Wherever data must be instantly accessible to those who need it, and totally invisible to those who don’t, IBM’s blockchain will be a new global standard. Public ledgers offer pretty much all of the features that a conventional cloud network does, but with cryptographic security only blockchain networks can provide.
Now a full decade since the invention of Bitcoin BTC, blockchain technology has been explored so fully that mature blockchain service networks are now being rolled out for the world’s biggest institutions. This is another side of the industry to the one retail crypto investors are used to, but it’s still “real world adoption”. What’s good for private blockchains is ultimately good for public blockchains, like Bitcoin, and this is what our readers have been hoping to become a reality as long as we’ve been reporting this kind of news.
Featured image source: Laborant/Shutterstock.com
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