IBM Deploys An Upgraded Enterprise Blockchain To Support SMEs

The Vice President of IBM Blockchain Technology, Jerry Cuomo, has announced the release of “Version 2” of the IBM enterprise-blockchain platform.

In a blog introducing the next generation fork on the platform, Cuomo unveiled a new pricing model that is designed to allow businesses to pay for DLT solutions that are quoted as per their specific needs.

This strategy seeks to ease the adoption of Blockchain technology for small and medium enterprises that are often burdened by high costs of network ownership when they decide to adopt DLT. Additionally, this ambitious solution is being realized by creating a versatile Blockchain platform that matches the available tools with particular business models to deliver enterprise goals and meet the expectations of clients.

Introducing The “Pay As You Grow” Model

The IBM enterprise Blockchain has undergone a soft fork and is now in its “version 2” phase. Beneath the technical additions, there is an aspect of the platform that has been strategically redesigned and it is concerning the pricing model.

The new pricing approach is dubbed “pay as you grow” and it allows SMEs to adopt the IBM enterprise Blockchain and incur related costs as per their capacity to utilize the new features of the DLT ecosystem.

“Version 2” Is Redefining The High-Value Blockchain Service

The first version of the IBM enterprise Blockchain was proffered at a premium rate in a model that fails to accommodate the capacity of a particular business to fully utilize the platform. This limitation affected SMEs as they simply do not have the ability to fully adopt the IBM enterprise Blockchain and the implications were negative and counter-productive.

Additionally, another challenge of the initial release is that even the major firms could not satisfy standards of full-scale adoption of the ecosystem. This means that clients of IBM enterprise Blockchain regardless of their size are likely to have incurred costs for services that could not utilize.

IBM Aims To Increase Adoption Of Its Enterprise Blockchain

Cuomo also admits that “version 1” of the technology has been standing on its own way of success as clients have been adopting it without a prior proof of technology that informs them about the idealness of the tools to their business models.

For this reason, many clients have been feeling disenfranchised by the IBM enterprise Blockchain pricing model which can consequentially discourage them from even considering any DLT solution in the future.

Blockchain adoption

Therefore, by IBM rectifying the shortcoming of its pricing model, there could be more SMEs using the enterprise Blockchain both in the short term and long term and faith in Distributed Ledger Technology could improve as a result.

IBM Offers Different Blockchain Solutions For A Range Of Use Cases

IBM offers a variety of DLT solutions besides the enterprise Blockchain with a strong workforce of 1,600 globally that supports the operations.

Some of the Blockchain divisions include; the IBM Food Trust Network, IBM’ Blockchain Software, etc.

Meanwhile, Vetrax, a supply chain manager in the oil and gas industry, is the first client of the “version 2” IBM enterprise Blockchain.