How IBM wants to bring blockchain from Bitcoin to your data center

At its InterConnect conference in Las Vegas this week, IBM is announcing new features for its open source cloud-hosted blockchain service in an attempt to bring this distributed database technology from its initial use of powering Bitcoin to a broader market, including the financial services industry.

Blockchain is a distributed database that maintains a continually growing list of records that can be verified using hashing techniques. Vendors such as IBM and Microsoft are attempting to commercialize it by offering customers a platform for hosting their own implementations. Analysts say the market to do so is just emerging.

IBM has supported blockchain implementations for more than a year, but this week the company is announcing a beta version 1.0 of its service, which is based off the open source Hyperledger Fabric – a Linux Foundation project. It’s available in IBM’s Bluemix Cloud. IBM says Hyperledger can process up to 1,000 transactions per second.

To read this article in full or to leave a comment, please click here

Computerworld Cloud Computing

Microsoft reverses course, says ‘no thanks’ to Bitcoin payments

CIO Cloud Computing

Bitcoin is a failed experiment, says major Bitcoin developer

Fissures in the Bitcoin community appear to be turning to chasms, with one prominent developer abandoning the cryptocurrency for good.

Mike Hearn, a longtime developer who often speaks about Bitcoin to the press and in presentations, wrote on Medium that he’s sold all his coins and will no longer participate in development.

“What was meant to be a new, decentralised form of money that lacked ‘systemically important institutions’ and ‘too big to fail’ has become something even worse: a system completely controlled by just a handful of people,” Hearn wrote. “Worse still, the network is on the brink of technical collapse. The mechanisms that should have prevented this outcome have broken down, and as a result there’s no longer much reason to think Bitcoin can actually be better than the existing financial system.”

To read this article in full or to leave a comment, please click here

Network World Cloud Computing