VMware, a major cloud computing and virtual machine firm, has launched VMware Blockchain, an enterprise-ready blockchain platform. Owned by Dell, the billion-dollar company first teased the blockchain’s development in 2018 through its Project Concord, promising an enterprise-grade platform that can enable secure inter-organization data sharing.
It has been reported that VMware joins the ranks of IBM and other global tech conglomerates that have launched their own blockchain platforms.
However, the firm identified highly complex and fragmented multi-party enterprise workflows that result in delays, increased costs, and hindered innovation as core problems they aim to solve with its blockchain solution.
The report said that VMware Blockchain is now available for commercial use, after being tested by the Australian Stock Exchange, as the exchange intends to replace its current CHESS system with the new platform, although this was recently delayed until April 2023.
VMware has launched its enterprise-ready blockchain after testing it with the Australian Stock Exchange https://t.co/61hTF063Jm — Cointelegraph (@Cointelegraph) November 19, 2020
Horacio Barakat, the Head of DLT Repo for Broadridge, the International fintech firm, said that Broadridge Financial Solutions is using VMware’s solution to develop “blockchain-based solutions to transform the capital market’s infrastructure.”
He added that the platform enabled the company “to model and enforce multi-party agreements on a Scalable Byzantine Fault Tolerant platform.”
Likewise, the Scalable Byzantine Fault Tolerant consensus protocol mentioned was developed internally by VMware as part of Project Concord.
The firm has partnered with Digital Asset to incorporate Digital Asset Modelling Language smart contracts and is also partnering with service partners such as Accenture, Infosys, and Intellect EU.
It has been analyzed that the cloud computing company started in 1998 and reported a revenue of $10.6 billion in the 2020 fiscal year.
Thus, last year, Pat Gelsinger, the CEO of VMware, condemned Bitcoin as being “bad for humanity,” claiming it is primarily used for illicit activities and has overly excessive-high energy consumption requirements.