Dell company VMware launches blockchain with business focus

VMware, a Dell subsidiary that generated $10 billion in revenue last year, launched its blockchain platform with an enterprise focus.

 

VMware, a Dell company, launches blockchain with a corporate focusNOTÍCIAS
The large cloud computing and virtual machine company VMware has launched VMware Blockchain, a blockchain platform made for enterprises.

Owned by Dell, the billion-dollar company first tested the development of blockchain in 2018 through Project Concord, promising an enterprise-class platform that can enable secure data sharing among organizations.

VMware joins IBM and other global technology conglomerates that have launched their own blockchain platforms. The company has identified highly complex and fragmented multi-party enterprise workflows that have resulted in delays, increased costs and the hindering of innovation as core problems it intends to solve with its blockchain solution.

VMware Blockchain is now available for commercial use after being tested by the Australian Stock Exchange. The exchange plans to replace its current CHESS system with the new platform, although this has recently been postponed to April 2023.

International fintech company Broadridge Financial Solutions is using VMware’s solution to develop „blockchain-based solutions to transform capital market infrastructure“ according to Broadridge’s head of DLT Repo, Horacio Barakat. He added that the platform has enabled the company to „model and enforce multiparty agreements on a scalable platform with byzantine fault tolerance“.

The Byzantine fault tolerant scalable consensus protocol mentioned was developed internally by VMware as part of Project Concord. The company has partnered with Digital Asset to incorporate intelligent Digital Asset Modeling Language contracts and also partnered with service partners such as Accenture, Infosys and Intellect EU.

The cloud computing company began in 1998 and reported revenue of $10.6 billion in fiscal 2020.

Last year, VMware CEO Pat Gelsinger condemned Bitcoin as „bad for humanity,“ claiming it is mainly used for illicit activities and has excessive high energy consumption requirements.