IBM announced a cloud service for organizations requiring a secure environment for blockchain networks.
Enterprises seek ways to maximize the security and compliance of the technology as the influence of blockchain in businesses grows. In line with the increase in use, organisations begin to evaluate cloud-based production environments.
The IT major noted that the average total cost of a data breach for enterprises reached $4 million last year, and with security incidents up by 64 percent in 2015, the risks are higher than ever.
According to IBM, its new service is ideal for organizations in regulated industries, this environment allows clients to test and run blockchain projects that handle private data.
IBM’s secure blockchain cloud environment, underpinned by its LinuxONE, ideal for organizations such as Everledger, a company that tracks and protects diamonds and other valuables via the blockchain.
Everledger is building a digital business network using IBM Blockchain to power its global certification system to track valuable items through the supply chain, helping to protect suppliers, buyers and shippers against theft, counterfeiting and other forms of corruption.
The blockchain is used to demonstrate the origin of high-value goods such as diamonds, fine art and luxury goods.
“Having the opportunity to build, test, scale and refine Everledger on IBM Blockchain, underpinned by a security-rich infrastructure, is a game changer. It has accelerated our ability to move fast and deliver the most innovative solutions to our partners internationally and confidentially,” said Leanne Kemp, CEO and Founder of Everledger.