IBM (NYSE:IBM) just launched a $1 billion initiative to build and test Flash technology for enterprise solutions. The company said that Flash is already an integral part of consumer products, and that the technology could help companies tackle Big Data challenges.

IBM said in a press release statement that Flash could reduce transaction times for banking, trading and telecommunications by up to 90%, and batch processing times by up to 85%. The company also said its Flash technology could reduce energy consumption by up to 80% in data centers.

"Because it contains no moving parts, the technology is also more reliable, durable, and more energy efficient than spinning hard drives," the company stated in the release.

IBM will spend the $1 billion to develop and design Flash solutions for servers, storage systems, and middleware. The company plans to set up 12 "Centers of Competency" around the world to run proof-of-concept scenarios for companies, using real-world data.

The company plans to build the centers in China, France, Germany, India, Japan, Singapore, South America, U.K., and the U.S., and will be operational by the end of this year.

Fool contributor Chris Neiger has no position in any stocks mentioned. The Motley Fool owns shares of International Business Machines. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.