Commercial blockchain solutions are rapidly being adopted in banking and financial markets, and much faster than initially expected, according to a recent IBM study entitled “Leading the path in blockchain banking.”
Some 15 percent of banks and 14 percent of financial market institutions interviewed by IBM indicated they intend to implement full-scale, commercial blockchain solutions in 2017.
The early trailblazers expect the benefits from blockchain to impact several business areas, including reference data (83 percent), retail payments (80 percent), and consumer lending (79 percent).
At this week’s Singapore FinTech Festival, IBM announced a blockchain project with Singapore fintech startup KYCK! to help enable financial service providers to more rapidly on-board their customers in a secure environment.
Working with the IBM Bluemix Garage in Singapore to design and test the new solution to be built on the Hyperledger Fabric, the platform aims to provide enhanced identification validation through a trusted blockchain based business network that will potentially include banking and governmental entities.
The IBM Blockchain-based solution will be secured by the IBM High-Security Business network delivered via Bluemix, IBM’s cloud platform.
As banks look to partner with FinTechs, IBM provides deep financial services industry expertise, the right technology and an ecosystem to help drive collaboration between them,” said Bob Lord, Chief Digital Officer, IBM, at the Singapore FinTech Festival. “Our Bluemix cloud platform provides developers access to IBM Watson cognitive APIs, blockchain, data analytics and hosting services to help generate new revenue streams.”
Blockchain is one of more than 150 advanced services and APIs available to developers there, as Bluemix has grown to become one of the largest open, public cloud deployments in the world.
If you’re a developer interested in getting on the blockchain, check out one or more of the resources below:
- IBM Blockchain 101: Quickstart guide for developers — This developerWorks quick-start guide is for application developers who are new to blockchain technology and want to quickly get started with building and piloting blockchain networks.
- Blockchain @ developerWorks — This is IBM developerWorks’ frontline resources for developers interested in learning more about blockchain: tutorials, courses, blog posts, and more.
- IBM Blockchain Starter Plan — Developers can build and test a blockchain network in one click.
- Singapore FinTech Festival — Learn more about the inaugural Singapore FinTech Festival, which includes a Hackcelerator Demo Day, an Innovation Lab Crawl, the FinTech Conference, and much more.