The popular Blockchain ledger has just been infused with new possibilities by IBM’s efforts to bring Blockchain to the cloud. By releasing its own Blockchain platform that relies on open source technology to be used for B2B transactions as a service, Blockchain has just received a plethora of new use case scenarios. Open Blockchain is now part of Hyperledger’s first incubation project, Fabric.
Open Blockchain is IBM’s open source contribution to the Linux Foundation’s Hyperledger Project, a collaborative effort to create a blockchain for business and IBM is inviting developers to join the Hyperledger Project community and be a part of this exciting emerging technology.
Open Blockchain (OBC) is a ledger of digital events, called transactions, shared among different participants, each having a stake in the system. The ledger can only be updated by consensus of the participants, and, once recorded, information can never be altered. Each recorded event is cryptographically verifiable with proof of agreement from the participants.
From a technical standpoint, OBC is a fabric architecture that allows businesses to harness the power of cryptographically secure, immutable (append-only), distributed and peer-to-peer databases. These are commonly known as “blockchains,” pioneered by the Bitcoin and Ethereum communities.
OBC extends traditional blockchain technologies by incorporating:
- Logic (chain code): Chain code extends traditional smart-contracts, broadly defined as self-executing agreements written in code that may be interacted with and may trigger other smart-contracts, but with further capabilities. Chain-code is executed in sandboxed Docker containers, and may interact with other hlp-fabric-golang networks or the outside world. More importantly, chain-code is immutable, may retain state, and inherits confidentiality/privacy.
- Variable Confidentiality: Networks can limit who can view or interact at different levels of the environment. Individual transactions can even impose their own confidentiality rules.
- Verifiable Identification: While the network can set identity obfuscation, it is possible to have 100% anonymous peers whose identity is also provable and unique with secure cryptographic techniques. If the users of a network grant permission, an auditor will be able to de-anonymize users and their transactions. This is useful for regulatory inspections and analysis.
- Private Transactions: The details of a transaction, including but not limited to chain-code, peers, assets, and volumes are encrypted. This eliminates any pattern recognition or leaked private information to non-authorized actors on the network. Only specified actors can decrypt, view and interact/execute (with chain-code).
- Customizable Consensus Protocols: The fabric will easily operate with almost any consensus mechanism (for example, proof-of-work, proof-of-stake, etc.). This customizable architectural design makes OBC applicable to more applications.
Learn more about IBM’s Blockchain:
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- IOHK Launches Cardano Rust Project - October 2, 2018
- Hyperledger and Enterprise Ethereum Alliance Cut Deal to Advance the Global Blockchain Business Ecosystem - October 2, 2018
- Binance Labs Supports Decentralized Global Content Ecosystem Contentos - October 2, 2018
- Nexus Partners with Jeff Garzik’s SpaceChain – Planning Spacenet - September 27, 2018
- Ripple Unveils Ripple for Good, Plans $100 Million Philanthropy Fund - September 27, 2018
- Electroneum Roars into Top 50 cryptocurrencies - September 27, 2018
- Zcoin Implements Dandelion – Better Privacy on the Blockchain - September 26, 2018
- Leading Global Wealth Management Firm, The Geneva Management Group (GMG) Announces Launch Of New Cryptocurrency Advice Desk - September 25, 2018
- BlockSafe Technologies Rolling out SEC Compliant Security Token Offering - September 25, 2018
- Global Banks Testing Blockchain to Speed up Transactions – 75 join Interbank Information Network (IIN) - September 25, 2018
- ProximaX Sponsors SportsFix Digital StadiumTM for BWF Victor Korea Open - September 25, 2018
- China’s Crypto Mining Behemoth Backs Houston Rockets for the 2018-2019 season - September 20, 2018
- Humanitarian Blockchain Project Humaniq Doubles Number of Nations Where it Brings Better Options for Unbanked - September 20, 2018
- MovieCoin Rolls Out ICO for Security and Utility Tokens - September 17, 2018
- WEF Report: 65+ Ways Blockchain Technology Can Tackle Environmental Challenges - September 17, 2018
- France Goes Bullish on ICOs – Opens Doors to Tokenomics - September 17, 2018