With the alarming rate at which cybersecurity attacks continue to increase, IBM launches a new transaction system named IBM Z, a Blockchain technology capable of running more than 12 bln encrypted cloud-based or database transactions, aiming to address cyberattacks and data breach.
Caleb Barlow, IBM Z Vice President, says:
“What we did with the new IBM Z is we added the ability to do encryption at line speed, this is 400 percent increase.”
Eighteen times faster than current solutions
IBM claims that its new mainframe can encrypt data 18 times faster than other platforms currently available in the market. The new chip has a total of 14.4 miles of wire and 6.1 bln transistors.
Ross Mauri, General Manager of the IBM Z project, shares:
"The vast majority of stolen or leaked data today is in the open and easy to use because encryption has been very difficult and expensive to do at scale. We created a data protection engine for the cloud era to have a significant and immediate impact on global data security."
IBM Z’s groundbreaking technology is now being Blockchain services in various across the globe including centers in Dallas, London, Frankfurt, Sao Paulo, Tokyo and Toronto.
Enhanced data encryption at scale?
IBM Z aims to utilize transaction encryption technology to assure that the data they keep is encrypted. The number of transactions financial companies and banks process every second reaches thousands. It allows efficient handling of data transactions while ensuring its secure encryption.
IBM hopes that through IBM Z, companies may be able to comply with the new protection laws such as the European Union's General Data Protection Regulation (GDPR) and the US Federal Financial Institutions Examination Council (FFIEC) guidance on the use of encryption in the financial services industry.
IBM's transaction engine currently supports 87 percent of all credit card transactions, the company said, totaling nearly $8 tln worth of payments each year.