Blockchain is attracting a lot of interest, especially since cryptocurrencies have exploded into the mainstream.
To access a market that’s estimated to be worth trillions of dollars, our company, Credits, created a fast, cost-effective public blockchain platform hosted on scalable IBM Cloud infrastructure.
Removing barriers to blockchain
Innovators across all industries are looking to the capabilities of blockchain to revolutionize their businesses. Yet many are still hesitant to take the leap, deterred by high costs and low transaction speed.
Credits’ founders wanted to change this. We set out to create a network capable of processing more than a million transactions per second for low fees. We developed one of the first completely autonomous blockchain platforms, which enables the creation of services using smart contracts and process scheduling.
To help Credits launch the platform commercially, we needed a cloud platform with high processing power, low latency and a cost-effective pricing model. We began looking for a reliable cloud service provider to get our unique solution to market quickly.
Building solid foundations
We chose IBM Cloud solutions because they beat the competition on quality, price and support. Crucially, IBM doesn’t charge for internal traffic, which offers us huge savings compared to competing offerings. IBM is also a leading expert in private blockchain technology, helping us to take advantage of its extensive knowledge to accelerate development of our platform.
IBM ran a proof of concept to find us the optimal infrastructure, designing an environment based on IBM Cloud bare metal servers. The platform is distributed across IBM Cloud data centers around the globe: in the US, Brazil, India, Singapore, the Netherlands, the UK and Germany. With a dedicated IBM consultant to help, migrating our solution to the IBM Cloud environment was a seamless experience.
The beta version of our blockchain platform is now available, providing users with a fast, scalable platform for development of decentralized applications (dApps). It includes autonomous smart contracts and an internal cryptocurrency.
Thanks to the exceptional power and pricing of IBM Cloud, we can offer a speed and cost of transaction far superior to our closest competitors.
The Credits platform supports volumes of more than a million transactions per second, compared to the seven per second and 300 per second currently offered by the two most established public blockchain providers. It offers a transaction execution speed of as little as 0.01 seconds, when our competitors take minutes. Our transaction fee can be low as a tenth of a US penny, rather than the $10 currently charged by a major provider.
Our work with IBM has been so successful that we signed a six-year contract for IBM solutions. We are also working with IBM to apply our unique blockchain technology to Internet of Things (IoT) use cases to increase trust and security.
Many companies don’t know where to get started with blockchain. Credits is providing an answer with help from IBM Cloud. With our platform’s guaranteed performance and scaling, innovators can focus on developing dApps that create real competitive advantage for their enterprises.
Read the case study for more details.