The international corporation International Business Machines Corp. (NYSE: IBM) has taken cloud services to a whole new level, adding what they call blockchain cloud services. Based on the abstract proposed by Bitcoin, blockchain cloud services are promising companies a more secure network.

IBM announced on Friday 29 its newest cloud services, assuring this is the next step in the internet era.  The service will help companies to obtain a more secure atmosphere in their transactions in the cloud.

Blockchain cloud services offer companies a space to secure their data and important assets. Credit: Coin Desk

Blockchain technology, how does it work?

Blockchain technology works as a distributed database, that remains in constant growing nurtured by transactions records that are hardened against tampering and revision.

The technology was first developed by Bitcoin and it consists of data structure blocks, that save exclusive data in a blockchain. Every block saves data of individual transaction and contains a timestamp and information that links to the previous block.

IBM has taken the initial concept of Bitcoin’s blockchain technology and is offering its users to apply this technology not only to transactions but to any other data sharing they want and need.

An adaptation of blockchain technology

According to the company, the uses of blockchain technology go far beyond the concept that was first applied by Bitcoin. Blockchain can be used to re-imagine fundamental business interactions.

IBM sees the use of this technology as an entry to the new database technology world. Using its potential to reduce costs on companies transactions and data sharing, that will also be tracked and traded.

Blockchain will allow companies to settle security measures of transactions and contracts in minutes instead of days.

“Over the past two decades, the Internet has revolutionized many aspects of business and society-making individuals and organizations more productive. Yet the basic mechanics of how people and organizations execute transactions with one another have not been updated for the 21st century. Blockchain could bring to those processes the openness and efficiency we have come to expect in the Internet Era,” said Arvind Krishna, Senior VP, IBM, Research.

The  company is going to open an IBM Garage in New York city and in London that will work as research labs for the technology,  the garages will be oriented to allow clients and IBM workers to design their network.

Other garages are to open in Tokyo and Singapore.

Source: IBM