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.

Aiming high

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.

Was this article helpful?
YesNo

More from Government

Building trust in the government with responsible generative AI implementation

5 min read - At the end of 2023, a survey conducted by the IBM® Institute for Business Value (IBV) found that respondents believe government leaders often overestimate the public's trust in them. They also found that, while the public is still wary about new technologies like artificial intelligence (AI), most people are in favor of government adoption of generative AI.   The IBV surveyed a diverse group of more than 13,000 adults across nine countries including the US, Canada, the UK, Australia and Japan.…

5 key areas for governments to responsibly deploy generative AI

3 min read - In 2024, the ongoing process of digitalization further enhances the efficiency of government programs and the effectiveness of policies, as detailed in a previous white paper. Two critical elements driving this digital transformation are data and artificial intelligence (AI). AI plays a pivotal role in unlocking value from data and gaining deeper insights into the extensive information that governments collect to serve their citizens.   As the demand for generative AI is expected to grow this year, it becomes imperative for…

Judicial systems are turning to AI to help manage vast quantities of data and expedite case resolution

4 min read - The judiciary, like the legal system in general, is considered one of the largest “text processing industries.” Language, documents, and texts are the raw material of legal and judicial work. That data plays a crucial role in the judicial system, helping investigators, lawyers and judges fit together the circumstances surrounding a particular case in an effort to see that justice is served. As such, the judiciary has long been a field ripe for the use of technologies like automation to…

IBM Newsletters

Get our newsletters and topic updates that deliver the latest thought leadership and insights on emerging trends.
Subscribe now More newsletters