The billion dollar enterprise, owned by Dell, initially revealed about the development of blockchain platform two years back when it announced Project Concord, guaranteeing an enterprise level platform that can pave way for safe inter-organizational data disbursement.
VMware has joined the list of IBM and other international tech giants that have rolled out their native blockchain platforms.
Through a study, the firm has found out that extremely cumbersome and disintegrated multi-party enterprise work processes causes postponements, boost costs and impede innovation. VMware intends to resolve these issues with its blockchain platform.
VMware Blockchain is now offered for business purposes, after being trialed by the Australian Stock Exchange (ASX). The ASX aims to substitute its prevailing CHESS platform with the blockchain platform, though it was postponed to April 2023.
Global fintech company Broadridge Financial Solutions is utilizing VMware’s solution to build “blockchain-based solutions to transform capital market’s infrastructure” as per the Head of DLT Repo for Broadridge Horacio Barakat. He further stated that the platform facilitated the enterprise “to model and enforce multi-party agreements on a Scalable Byzantine Fault Tolerant platform.”
The Scalable Byzantine Fault Tolerant (SBFT) consensus covenant was built in-house by VMware as one of the several initiatives under Project Concord. The tech company is collaborating with Digital Asset to integrate Digital Asset Modelling Language smart contracts. Additionally, it is also collaborating with service associates such as Infosys, Accenture and Intellect EU.
The cloud computing firm began in 1998 and posted revenue of $10.60 billion in FY20. Last year, Pat Gelsinger, CEO of VMware, criticized Bitcoin (BTC) as “bad for humanity”, alleging that it is mainly utilized for illegal activities and consumes considerable amount of energy.