Bigger black chain market…MS-IBM, competition following Cloud
Lee Gyung Tak | kt87@ | 2017-09-08 11:04:12
Microsoft and IBM, both of which are in the cloud services market, are anticipating a battle in the emerging block-chain market.
The global blockbuster market is expected to grow to USD 20 billion by the year 2024, with annual average growth of 58.7 % from USD 315 million (USD 356 billion) last year, according to US market research firm TMR.
The block chain is the technology first used in digital virtual currency `bit coin`. It is also referred to as a "public transaction book" because all trading books are distributed and managed to network participants. Especially, it is evaluated to be more secure and convenient than any authentication system, and it is spreading to various fields such as logistics, distribution, and manufacturing, starting from the financial sector.
Meanwhile, IBM has taken the lead in this market, leading the Linux Foundation-led block-chain consortium, Hyper Rezer. IBM representative in Korea pointed out, "We have started to block-chain marketing mainly in the financial sector. We have been introducing concrete introductions in the domestic and overseas distribution and public market since the launch since May 2011.”
Indeed, the Dubai government provides real-time information on customs and trade companies` tracking of goods import and export and shipping status through the IBM block-chain solution. Wal-Mart also applied the IBM block-chain solution to managing food and beverage logistics supply chain records, including pork and mangoes.
Microsoft is also accelerating the development of related technologies after it partnered with R3 CEV, a block-chain consortium that was dominated by the financial sector last April. The company unveiled the Coco Framework, which supports the introduction of enterprise block chains. The Coco Framework handles more than 1600 transactions (data transactions) per second, improving the speed and central management issues that were the drawbacks of traditional block-chain systems. This is ahead of IBM`s hyper-ruler fabric (1000 per second).
An MS representative in Korea, on the other hand, said, "We are preparing to launch a block-chain market in Korea. We will also hold related events this year and announce events for the press. It is not yet a full-fledged move, but it may be good to look forward to future activities."
Analysts predict that Microsoft and IBM`s efforts in the block-chain business are closely tied to their cloud business strategy in the industry.
"Both artificial intelligence and block chains are services that are based on cloud infrastructure," an IT industry expert said. "We will be able to expand our influence in the cloud market, which is expected to be profitable," he stated.
Kim Tae-ryong, director of information system of financial investment association, said, "Although we are developing block-chain technology from start-up to IT service companies in Korea, it is too early to look at the competition structure because there are not successful large-scale introduction cases. Chain technology is expected to dominate the cloud market. The block chain technology itself is open, and it is not based on a difficult algorithm, so we can improve competitiveness by increasing the level of PoC.
By Lee Gyung Tak kt87@
[ copyright ⓒ The Digitaltimes ]
The global blockbuster market is expected to grow to USD 20 billion by the year 2024, with annual average growth of 58.7 % from USD 315 million (USD 356 billion) last year, according to US market research firm TMR.
The block chain is the technology first used in digital virtual currency `bit coin`. It is also referred to as a "public transaction book" because all trading books are distributed and managed to network participants. Especially, it is evaluated to be more secure and convenient than any authentication system, and it is spreading to various fields such as logistics, distribution, and manufacturing, starting from the financial sector.
Meanwhile, IBM has taken the lead in this market, leading the Linux Foundation-led block-chain consortium, Hyper Rezer. IBM representative in Korea pointed out, "We have started to block-chain marketing mainly in the financial sector. We have been introducing concrete introductions in the domestic and overseas distribution and public market since the launch since May 2011.”
Indeed, the Dubai government provides real-time information on customs and trade companies` tracking of goods import and export and shipping status through the IBM block-chain solution. Wal-Mart also applied the IBM block-chain solution to managing food and beverage logistics supply chain records, including pork and mangoes.
Microsoft is also accelerating the development of related technologies after it partnered with R3 CEV, a block-chain consortium that was dominated by the financial sector last April. The company unveiled the Coco Framework, which supports the introduction of enterprise block chains. The Coco Framework handles more than 1600 transactions (data transactions) per second, improving the speed and central management issues that were the drawbacks of traditional block-chain systems. This is ahead of IBM`s hyper-ruler fabric (1000 per second).
An MS representative in Korea, on the other hand, said, "We are preparing to launch a block-chain market in Korea. We will also hold related events this year and announce events for the press. It is not yet a full-fledged move, but it may be good to look forward to future activities."
Analysts predict that Microsoft and IBM`s efforts in the block-chain business are closely tied to their cloud business strategy in the industry.
"Both artificial intelligence and block chains are services that are based on cloud infrastructure," an IT industry expert said. "We will be able to expand our influence in the cloud market, which is expected to be profitable," he stated.
Kim Tae-ryong, director of information system of financial investment association, said, "Although we are developing block-chain technology from start-up to IT service companies in Korea, it is too early to look at the competition structure because there are not successful large-scale introduction cases. Chain technology is expected to dominate the cloud market. The block chain technology itself is open, and it is not based on a difficult algorithm, so we can improve competitiveness by increasing the level of PoC.
By Lee Gyung Tak kt87@