IBM lays out 5 “blockchain for good” principles

Idea: show how trusted and transparent enterprise blockchains can benefit both organisations and society

Posted 15 May 2019 by Gary Flood

What should Blockchain actually be for – beyond solving (or not, in many sceptic’s eyes) some business problems?

An intriguing answer from a perhaps surprising source: be a way to better protect companies – but also help society as a whole, in the shape of trusted and transparent enterprise networks.

That is the stated thrust of a set of new “Blockchain for good” principles out of no less a paragon of successful capitalism, IBM.

IBM has already demonstrated belief in distributed ledger technology, with its pushing of a so-say “enterprise class” version of the Linux Foundation’s Open Source Hyperledger Fabric framework, which it badges as “IBM Blockchain”.

As a commentary on the announcement in US business magazine Forbes points out, Hyperledger Fabric currently empowers 1300 networks in Big Blue’s blockchain cloud, 100 of which are claimed to be in production already.

Now, it seems to want to go one step further, with a company blog post this week outlining what Blockchain developers should try and strive to follow when they work on the technology:

1 Open is better

2 Permissioned doesn’t mean private

3 Governance is a team sport

4 Common standards are common sense

5 Privacy is paramount.

“Like artificial intelligence and quantum computing, blockchain has the capacity to deliver good and not so good outcomes alike,” states the company’s post.

“Good technology is a product of more than just sheer ingenuity; it is a reflection of the will to do the right thing. If blockchain is to move beyond the technological fringe and into the mainstream, to underpin the nexus of a more trusting and transparent world, we must, as innovators, remain committed to a set of ideals.”

Go here to read for yourself what this major IT company says Blockchain needs to focus on going forward – to deliver as it puts it, “Networks that deliver real business value, are equitable to all participants and [that] promote open innovation and collaboration.”