US-based IBM Corporation Announced New Cloud Services for Blockchain

New York: US-based technology and consulting services provider company, IBM has announced launch of new cloud services to help companies in designing and developing blockchain technology in a secured environment in the cloud. With growth in demand for blockchain technology in financial markets as a way to resolve inefficiencies in financial industry, company is focused to provide secured cloud environment enabling blockchain to run securely in the cloud.

Blockchain, an underlying technology for the bitcoin is used to perform slew of function, such as recording and verification of transactions. Various companies such as Goldman Sachs started using blockchain technology to solve issues in financial markets. However, the major concern behind rapid adoption of blockchain are the major concerns about security. The company is focused to resolve security issues, and is providing cloud services with the highest Federal Information Processing Standards (FIPS 140-2) and Evaluation Assurance Levels (EAL) to promote and support usage of blockchain in government, financial services, and healthcare sector.

Further, the company also announced opening of IBM Garage in New York and London. These garages are a kind of research labs on the blockchain which were created by several major financial institutions, and are dedicated to help companies in designing and developing their blockchain networks. Moreover, the company also announced opening of IBM Garage in Tokyo, London and Singapore in the coming weeks to enable companies in these countries for the collaboration with IBM experts over designing and implementation of blockchain for the profitability and efficiency improvement of their business.

TechSci Research depicts that with the introduction of new cloud services providing enhanced secured environment for blockchain along with opening of IBM Garage in several countries would help companies in improving their financial process, resulting in the rapid adoption of blockchain technology in government as well as financial markets.

India is the key market for cloud computing services and according to the recent published report by TechSci Research, “India Cloud Computing Market Forecast and Opportunities, 2020”, the market for cloud computing services in India is projected to grow at a CAGR of over 22% during 2015-2020. Increased government spending on National Optical Fibre Network (NOFN) and various e-governance portals, coupled with growing acceptance of cloud services in SME segment is expected to drive the market for cloud computing. SaaS is set to top the charts as the largest cloud service segment, occupying over 40% share in the market by 2020.