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Leading cloud computing and virtual machine company VMware has launched VMware Blockchain, a business-ready blockchain platform.
The billion-dollar company, owned by Dell, anticipated the development of the blockchain in 2018, through its Project Concord, promising an enterprise-grade platform capable of enabling secure sharing of data between organizations.
VMware joins the ranks of IBM and other global technology conglomerates that have launched their own blockchain platforms. The company has identified highly complex and fragmented multi-party business workflows, resulting in delays, cost increases, and obstacle to innovation, as a fundamental problem they aim to solve with its blockchain solution.
VMware Blockchain is now available for commercial use, after being tested by the Australian Stock Exchange (ASX). The ASX intends to replace its current CHESS system with the new platform, although this has recently been delayed until April 2023.
According to the head of DLT Repo for Broadridge Horacio Barakat, international fintech firm Broadridge Financial Solutions is using VMware’s solution to develop “blockchain-based solutions to transform capital market infrastructure.” He added that the platform allowed the company to “model and enforce multi-party agreements on a scalable Byzantine Fault Tolerant platform.”
The aforementioned Scalable Byzantine Fault Tolerant consensus protocol, or SBFT, was developed internally by VMware as part of Project Concord. The company has partnered with Digital Asset to incorporate smart contracts for the digital asset modeling language, and also works with service partners such as Accenture, Infosys, and Intellect EU.
The cloud computing company was born in 1998 and posted $ 10.6 billion in revenue in fiscal 2020.
Last year, VMware CEO Pat Gelsinger condemned Bitcoin as “bad for humanity,” arguing that it is mainly used for illicit activities and has too high energy requirements.
