Challenging the Status Quo: Using IBM Blockchain Platform 2.5 for Multi-Party Systems
IBM Blockchain 2.5 is now live. The blockchain development platform will enable developers to shift to advanced multi-party systems and drive innovations in the enterprise Distributed Ledger Technology.
What is the IBM Blockchain Platform 2.5?
IBM Blockchain Platform 2.5 was announced at the IBM Think Conference in May 2020. IBM 2.5 is created using Hyberledger Fabric 2.5, in tighter integration with Red Hat Open Shift for automated provisioning, management, and app scaling across enterprise applications.
In the new era of connected workplace operations, enterprise collaboration and communications tools are emerging as the steady benchmarks of digitization. For better preparedness across supply chains, business teams seek real-time visibility and monitoring dashboards to keep a check on private and public information and how they are shared. Due to the COVID-19 pandemic, digitization efforts have been put on an accelerated route to take on new challenges arising due to redundancy and lack of data visibility across the various touchpoints within the enterprise.
Blockchain tools, like the one developed by IBM, have the power to transform supply chains, providing “developers access to reliable, more trustworthy data and identifying entirely new uses cases on their own.”
What are Multi-party Systems?
Multi-party systems represent the completely transformed traditional Supply and Operations Planning (S&OP) process. The new order in the organization management calls for a total hauling of process management, disrupted via event-based orchestration, real-time analytics and reporting, logistics and supply chain management, and IoT connectivity. Process Orchestration is the exact outcome of multi-party systems, progressing on the wheels of real-time approvals, escalations, and collaborative responses across enterprises.
With IBM Blockchain Platform 2.5, these multi-party systems offer a real-time, virtually tamper-proof data exchange to validate transactions in a transparent medium.
Multi-party systems in the Healthcare and Telecommunications Industries
The IBM Blockchain Platform is already working with KPMG, Merck and Walmart as key participants in the United States Food and Drug Administration’s (FDA) pilot program. The IBM Blockchain Platform 2.5 is expected to further extend support of the U.S. Drug Supply Chain Security Act (DSCSA) to address requirements to identify, track and trace prescription medicines and vaccines distributed within the United States.
Similarly, the blockchain for multi-party systems is also transforming the global telecommunications industry, enabling telecom players with access to blockchain-based transactions and digitized CSP interactions.
Building an Effective Business Network
Andy Carelli, Director of IBM Blockchain Platform says, “Businesses, industry experts, regulators, and people are leveraging new collaboration models to share and record data in a way that preserves both privacy and transparency, and ensures the validity of transactions. This technology (IBM Blockchain platform) is providing the basis for unprecedented levels of trust to support shared processes, and instilling confidence in a validated source of truth to support decision-making. Transparency under privacy controls forms the basis of a more effective business network.”
Alan adds, “At IBM, we are committed to delivering the most advanced and comprehensive tools, technologies, and infrastructure within our IBM Blockchain Platform to help advance powerful multi-party systems.”
The IBM Blockchain Platform version 2.5 continues the good work created by its predecessor, the IBM Blockchain Platform version 2 in a number of ways. It leverages the advanced capabilities of The Linux Foundation’s Hyperledger Fabric 2.0 and delivers new integrations with Red Hat technologies.
In addition to add-on features that boost security, usability, flexibility, and development speed, IBM Blockchain Platform 2.5 also enables automated, managed service offering on and as a multi-cloud offering that can be deployed in any environment — private, public or hybrid multi-cloud, or on-premises.
IBM also announced the launch of Ansible Collections for IBM Blockchain Platform. The IBM Blockchain Platform 2.5, powered by Ansible Collections, would enable clients to accelerate agile deployment of various Multi-party systems, components and networks by using automation for improved efficiency and reliability. The new set of blockchain applications enhances the security and usability of IBM for enterprises to launch pre-configured production cloud-native blockchain networks faster than ever.