Сredits partners with IBM to turn the Buzz around Public Blockchain into Real Business

“Lots of companies would benefit from blockchain, but don’t know where to get started,” says Sotiropoulos. “Working with Credits, they get a pre-built platform with guaranteed performance and scaling, so they can focus on developing the dApps that represent real competitive advantage.”

With a dedicated IBM consultant to assist with the migration, Credits transitioned to the IBM Cloud quickly and easily. The infrastructure is connected to client-side applications installed on user equipment either at the client’s site or in the IBM Cloud, which process and store transactions, execute and confirm smart contract rules, request processing from third-party systems, and provide data when required. Each IBM server instance hosts a replica of the blockchain ledger and a database.

Sotiropoulos adds: “We are so confident that IBM will play a central role in our success that we signed a six-year contract. IBM Cloud solutions are supporting us as we launch the Credits public blockchain network in wider markets.”

Credits is also investigating how it can apply its unique blockchain technology to IoT use cases, to increase trust and security. The company plans to create new IoT models, which integrate its blockchain technology with the IBM Watson IoT™ Platform and IBM Cloud infrastructure. The solutions will ensure that only data owners or authorized parties will be able access data collected by the IoT sensors.

Turning concept into business value

By migrating its public blockchain network to the IBM Cloud, Credits gained stable performance and cost-efficiency. Combining the company’s proprietary technology with the infrastructure’s high processing power enables faster response times than the competition. Taking advantage of the low cost per transaction, Credits can minimize the fees it charges users.

“The Credits platform supports volumes of more than a million transactions per second, which is far more than the seven per second and 300 per second currently offered by the two most established public blockchain providers,” explains Sotiropoulos. “Our transaction execution speed can be as little as 0.01 seconds, when our competitors take minutes. The transaction cost varies, but can be as low as USD 0.001, rather than the USD 10 currently charged by the most recognized provider. The exceptional power and economics we gain from the IBM Cloud is a key competitive differentiator, which will help us increase our trading volume per day from USD 2 million.”

Extremely fast agile development has got Credits to where it is today, and the company continues to develop its offering at a rapid rate of innovation. IBM support is proving invaluable along the way.

“The pace of change at Credits is incredibly high – and IBM is one of the only vendors we’ve found that can keep up with us!” says Sotiropoulos. “The responsiveness from IBM is enabling us to reduce time-to-market for our solutions, so we can build our revenues sooner.”

Credits has set its sights on becoming the most adopted blockchain in the financial and IoT spheres. As it grows its client base, the company can rely on the simple scalability of IBM Cloud solutions.

Sotiropoulos concludes: “At a touch of a button, we can add more than 200 nodes to our IBM Cloud infrastructure and know that they’ll be ready in minutes. Having those resources at our disposal allows us to focus on making the most of the exciting opportunity in front of us: introducing a new era for public blockchain.”