Tibco to face blockchain challenges

Tibco has launched a research laboratory to develop new products and services in emerging areas such as blockchain, machine learning, artificial intelligence and internet of things (IoT).

In blockchain, for example, integration and analysis software The company has formed a project called "Dovetail" to address the challenges of implementing technology.

Noting that the blockchain ecosystem is fragmented with a lack of tools and standardization, Tibco's CTO, Nelson Petracek, told reporters a corporate event in Las Vegas that Dovetail project will make it easier to model smart contracts without a profound programming experience.

Logic is abstracted from the low-level code and contracts can be distributed in different stack blockchains with little or no change. Chain-based and off-chain computing can become simpler, time-to-market is improved and the risk of blocking technology is reduced, Tibco said.

Tibco's blockchain technology is also applied in its AuditSafe tool, a cloud-based audit log that businesses can use to store and control events generated by business processes in Tibco Cloud and other third-party systems.

Dovetail project and the formation of the new Tibco laboratory, open to the participation of Tibco customers and partners, come at a time when interest in the blockchain is growing in the Asia-Pacific region.

In July 2018, Singapore-based Global eTrade services launched an open trading blockchain network to increase cross-border trade between China and the rest of Asia.

In line with the China Belt Road Initiative and the Southern Transport Corridor, the authorized blockchain network is managed by reliable nodes hosted by accredited commercial compliance companies.

By improving the curability of business documents, such as certificates of origin and commercial invoices, the blockchain network should promote transparency and trust between shippers, shippers and customers.

In Australia, the professional service company Herbert Smith Freehills, Data61 and IBM are building a national blockchain to manage smart contracts from trading, through signing and through the life cycle of the contract. A pilot scheme is underway, and if the system works as planned, it will be offered first to Australian companies and then internationally.

According to the market research firm Netscribes, the global blockchain technology market is expected to grow with a compound annual growth rate of 42.8% and reach nearly $ 14 billion by 2022.

North America accounts for the share greater than the adoption of blockchain and should dominate the market in the near future. However, the Asia-Pacific region is expected to adopt this technology at a faster rate thanks to its broad adoption in China and India.

In a separate EY survey in June 2018, 61% of senior professionals said that regulatory complexity was the biggest barrier to the widespread adoption of blockchain, followed by integration with legacy technology ( 51%) and the lack of general understanding of blockchain skills (49%).

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