Why IBM’s Blockchain Isn’t a Real Blockchain

Stuart Popejoy has 15 years experience in building trading systems and exchange backbones for the financial industry. Prior to co-founding Kadena with Will Martino in 2016 and becoming the company’s president, Stuart worked at JPMorgan Chase in the new products division, where he led and developed JPMorgan’s main blockchain product, Juno. Stuart also wrote the algorithmic trading scripts for JPMorgan, which informed his creation of Kadena’s simple, purpose-built smart contract language, Pact.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.

IBM is a major player in the world of enterprise blockchain, offering a blockchain platform based on Hyperledger Fabric and launching blockchain pilots with large companies like Walmart and Aetna. 

As one of many contributors (including recently announced Microsoft and Salesforce) to the nonprofit, the open source Hyperledger Foundation, IBM has made a huge investment in promoting Fabric as a private or “permissioned” blockchain, implying that it offers features in common with well-known blockchains like Bitcoin or Ethereum, while somehow removing any aspects that might be “unsuitable for enterprise.” 

However, the technology IBM is actually selling and calling “blockchain” — i.e., Hyperledger Fabric — sacrifices the most important features of a true blockchain, whether permissioned or public. Fabric’s architecture is far more complex than any blockchain platform while also being less secure against tampering and attacks. You would think that a “private” blockchain would at least offer scalability and performance, but Fabric fails here as well. Simply put, pilots built on Fabric will face a complex and insecure deployment that won’t be able to scale with their businesses.

Blockchain options on the market

When I worked at JPMorgan Chase in 2016, I led an emerging technology group that researched and vetted blockchains for…

Source Link