Developers designed IBM Blockchain for building enterprise-grade technology using Hyperledger Fabric, the first code released by the open source group.
The Fabric blockchain can process more than 1,000 transactions per second and has the necessary features for large enterprises to build their applications, IBM said.
It added it was working with technology company SecureKey Technologies and a group of Canadian banks to build a digital identity network using its new blockchain services.
The network, set for launch later this year, is aimed at making it easier for consumers to prove their identities when accessing services such as new bank accounts, driver’s licenses or utilities. Banks involved include Bank of Montreal, Royal Bank of Canada, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, and Toronto-Dominion Bank.
Blockchain is a digital shared record of transactions that is kept by a network of computers on the internet, without the need of a centralised authority.
Big businesses, including many of the world’s largest banks, have been increasing their investment in the technology in hopes it can help them reduce the complexity and costs of some of their most difficult processes, such as the settlement of securities or international payments.
Technology companies and professional services firms have also been ramping up their investment in blockchain, as they race to capture the nascent market.
IBM is big on blockchain and has several large clients developing applications with the technology, including Northern Trust, Wal-Mart, and the Depository Trust & Clearing Corporation.
IBM said it had also tested a blockchain-based asset management platform for carbon assets with Chinese company Energy-Blockchain Labs. The companies aim to release the platform, built using the new IBM Blockchain, later this year.