VMware releases enterprise blockchain solution
Published 1 December 2020
VMware has announced the commercial availability of their blockchain solution for businesses to build networks and decentralised applications.
VMware Blockchain enterprise-grade capabilities like extensibility, security and scalability to unlock data silos, freeing up the flow of data.
“We have been focused on building an enterprise-grade blockchain platform that meets the most stringent application requirements of the financial services industry and other mission-critical distributed workloads that require reliable and high-performance blockchain services,” said Brendon Howe, Vice President and General Manager for Blockchain at VMware.
VMware Blockchain’s Scalable Byzantine Fault Tolerance (SBFT), an enterprise-grade consensus engine was designed to solve the problems of scale and performance in blockchain solutions, while preserving fault-tolerance and defence against malicious attacks when enterprises make multi-party transactions using blockchain.
Using a virtual smart contract execution engine and DAML, an open source smart contract language created by Digital Asset, VMware Blockchain’s is designed to support additional smart contract languages.
“Our co-innovation with VMware on blockchain provides a new way of doing business that can benefit a number of industries. VMware Blockchain, integrated with DAML smart contracts from Digital Asset, provides privacy between participants in the same workflow. Now even competitors can collaborate on a distributed ledger with both trust and privacy,” said Yuval Rooz, the Co-Founder and CEO of Digital Asset.
Organisations like Broadridge Financial Solutions and Australian Securities Exchange (ASX) have already adopted VMware Blockchain.
Broadridge developed blockchain-based solutions to transform the capital market’s infrastructure and help their clients gain operational efficiencies and create new opportunities.
“VMware Blockchain provides a platform for us to model and enforce multi-party agreements on a Scalable Byzantine Fault Tolerant platform. This creates a single, shared and trusted, source of truth enabling the automation and digitisation of repo processes, and reducing reconciliation efforts,” said Horacio Barakat, the Head of DLT Repo for Broadridge Financial Solutions.
As one of the world’s top 10 listed exchange groups, executing millions of trades every month, ASX required a new solution that would support increasing transaction volumes and enable secure data sharing that protects its customers’ privacy.
“The combination of VMware Blockchain and Digital Asset’s expertise in smart contracts and distributed ledger technology is the right partnership to help us transform and modernize Australia’s financial market infrastructure. DLT can help financial services firms transform data, preserve privacy and confidentiality, and remove manual processes that exist in the industry,” said Dan Chesterman, the Chief Information Officer of ASX.
VMware also partnered with blockchain innovator Accenture for its solution.
“By unlocking the real potential of data in our digital world, multiparty systems, supported by blockchain, are reshaping industries and transforming the way companies work together. It’s reshaping financial services, for example, by reimagining how transactions are executed, from payments to post- trade processing,” said David Treat, the Senior Managing Director for Global Blockchain and Multiparty Systems Lead at Accenture.
Blockchain technologies radically streamline and simplify operations, allowing banks, broker-dealers, payment processors, and other financial institutions to shorten processing times, reduce manual processing and duplicative messaging, and create new profit centers with features such as simultaneous trade clearing and settlement.
By Simi Kaur, Tech Reporter