Cloud services giant VMware has revealed that its long-awaited enterprise blockchain platform has now gone into general availability. According to a company blog post, the VMware Blockchain will provide a single source of true data, through which organizations can unify otherwise fragmented workflows. The service is designed to break down data silos and facilitate multi-stakeholder collaboration without compromising data privacy or security, allowing companies to unlock a wealth of untapped value. Aimed primarily at the financial services industry, the new platform also aims to introduce efficiencies that will shorten processing times, reduce manual processing, and create new avenues for profit. According to VMware, the platform can be deployed in minutes, thanks to an easy-to-use orchestration tool that leverages familiar interfaces and infrastructure.
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While enterprise blockchain is still in its infancy, VMware isn't the only legacy IT giant jumping into the emerging technology; IBM, AWS, Azure, Alibaba, and Oracle all offer blockchain products in some capacity. Critics say that blockchain advocates tend to create problems to fit the technology, rather than create technology to solve real-world problems. But others say that the corporate blockchain, which is designed to promote transparency, auditability and security, has clear use cases in the areas of supply chain, data protection, financial services, digital identity and more. “Today's multi-stakeholder business workflows are fragmented and extremely complex to maintain, leading to delays, higher costs and hindering innovation. Workflow data is often stored in silos within company boundaries, resulting in inefficient and costly steps to share and reconcile data beyond those boundaries,” VMware explained. "To redefine these workflows, a new technology platform is needed that provides a single source of truth to multiple parties." After the fury surrounding blockchain and cryptocurrencies that followed Bitcoin's monumental rise in 2017 and the ICO explosion the following year, it was predicted that blockchain would eventually become a mainstay of business, not most noticeable. than any other service. While this projection has yet to come to fruition, the addition of another legacy IT player to the space further legitimizes the belief that technology will prove transformative in business.