It will also be crucial to ensure the confidentiality of actors in business to business transactions, as the data architecture underlying blockchain is fundamentally distributed. Critical transaction details such as beneficiary name or account codes will hence mandate very strong encryption, the kind of elliptical curve digital signatures that ideally are implemented by tamper proof FPGA (Field Programmable Gate Array) technology as opposed to computationally intensive and less secure software crypto implementations.
Pairing blockchain with analytics
The logical next step in real-life blockchain implementations will be to pair a distributed ledger or smart contract system with real-time analytics (e.g. risk management platforms) as well as with a robust business rules engines that automatically detect fraudulent transactions or inhibit transactions to embargoed counterparties. Due to the direct peer to peer nature of a blockchain architecture such rule engines and analytic systems will ideally be collocated if not embedded into the blockchain infrastructure implementation. In a world of instantaneous transactions, and consequently the need for instantaneous protection, a delay of a few milliseconds may lead to severe consequences.
IBM is actively exploring how z Systems' capabilities can provide new and sophisticated enterprise solutions for blockchain. To this purpose IBM joined the Hyperledger Project formed by the Linux Foundation to encourage collaboration and create common structures around blockchain. IBM is contributing code to the project, opening new IBM Blockchain labs and offering new services to advance the technology.
IBM Blockchain code is now available on the LinuxONE Community Cloud to help developers create blockchain solutions speedily, securely and with greater scale. With the world's fastest commercial processor, and a highly scalable I/O system; the IBM z Systems answers the infrastructure needs for a blockchain implementation. IBM z Systems also has a track record for minimal vulnerabilities as measured by the National Institute of Standards and Technology (NIST). This may be why several organizations in Asia Pacific are turning their attention to z Systems for implementations.
For IBM's view on blockchain at Interconnect 2016, and a demo by IBM Fellow Donna Dillenberger, click here.
If you are interested to find out more about how IBM can help with your blockchain implementation, please copy and paste this link into your browser: https://ibm.biz/BdrCtY
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