As reported by cointelegraph, cloud computing and virtual machine company VMware has launched VMware Blockchain, an enterprise-ready blockchain platform.
The company, owned by Dell, first teased the blockchain’s development in 2018, through its Project Concord, promising an enterprise-grade platform that can authorize secure inter organization data sharing.
VMware joined the ranks of IBM and other global tech conglomerates that have launched their own blockchain platforms. The firm recognized extremely complex and fragmented multi-party enterprise workflows, resulting in delays, increased costs and hindered innovation, as a core problem they aim to solve with its blockchain solution.
After being tested by the Australian Stock Exchange (ASX), VMware Blockchain is now available for commercial use. The ASX aims to replace its current CHESS system with the new platform, however, this was recently 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’s infrastructure. He added that the platform authorized the company to model and enforce multi-party agreements on a Scalable Byzantine Fault Tolerant platform.
The cloud computing company started in 1998 and reported a revenue of $10.6 billion in the 2020 fiscal year.
past year, VMware CEO, Pat Gelsinger declared Bitcoin as being bad for humanity. He stated that it is primarily used for illicit activities and has far too high energy consumption requirements.