Hyperledger, the distributed ledger technology acquired by Digital Asset Holdings, is being moved to the Linux Foundation in order to launch a more collaborative effort to advance blockchain technology. The project, which will be known as Hyperledger, will develop an enterprise grade, open source distributed ledger framework and free developers to focus on building robust, industry-specific applications, platforms and hardware systems to support business transactions.
There are already commitments to the Hyperledger project from Accenture, ANZ Bank, Cisco, CLS, Credits, Deutsche Börse, Digital Asset Holdings, DTCC, Fujitsu, IC3, IBM, Intel, J.P. Morgan, London Stock Exchange Group, Mitsubishi UFJ Financial Group (MFUG), R3, State Street, SWIFT, VMware and Wells Fargo.
Mike Bodson, President and CEO of DTCC, said:
DTCC, as an industry owned and governed financial infrastructure, shares the global interest in the potential of distributed ledger technology and is pleased to be part of this industry wide Hyperledger initiative to create governance, standards and ensure the core technology is open source and based on collaboration
Various founding members are already investing research and development efforts into exploring blockchain applications for industry. IBM intends to contribute tens of thousands of lines of its existing codebase and its corresponding intellectual property to this open source community. Digital Asset is contributing the Hyperledger mark, which will be used as the project name, as well as enterprise grade code and developer resources. R3 is contributing a new financial transaction architectural framework designed to specifically meet the requirements of its global bank members and other financial institutions.
These technical contributions, among others from a variety of companies, will apparently be reviewed in detail in the weeks ahead by the formation and Technical Steering Committees.
Blythe Masters, CEO of Digital Asset, commented:
We are delighted that The Linux Foundation is providing a broadly-supported vehicle through which we can contribute the Hyperledger brand and enterprise grade blockchain solutions to the open source community. The resulting impetus will benefit our clients and the entire global financial services industry who are seeking to build business applications on a trusted foundation.
Jim Zemlin, executive director at The Linux Foundation, added:
Distributed ledgers are poised to transform a wide range of industries from banking and shipping to the Internet of Things, among others. As with any early-stage, highly-complex technology that demonstrates the ability to change the way we live our lives and conduct business, blockchain demands a cross-industry, open source collaboration to advance the technology for all.
The parties involved in the distributed ledger strategy at the Linux Foundation believe that developing blockchain technologies in an open source and collaborative development environment supports multiple players in multiple industries and can enable the adoption of blockchain technology at a pace and depth not achievable by any one company or industry.
Jeffrey Tessler, Member of the Executive Board, Deutsche Börse AG, noted:
Deutsche Börse group sees great potential in blockchain technology, and is delighted to join this initiative. As a market infrastructure covering the entire value chain, we believe that the true value of the blockchain will only materialise as part of industry initiatives such as Hyperledger project.
This collaboration is expected to help identify and address important features and currently missing requirements for a cross-industry open standard for distributed ledgers that can transform the way business transactions are conducted globally.