The Hyperledger Project, an open source project at the Linux Foundation to develop a distributed ledger technology standard, has recently released a draft white paper and completed a proof-of-concept hackathon.
The purpose of the hackathon was to merge the contributions of IBM, Digital Asset and Blocksteram to a code base that satisfies a number of requirements. These requirements included PoC integration of code from Blockstream for validation, code from IBM for OBC/UTX chaincode, and code from DAH for client layers.
In the draft white paper, the authors articulate a design for an evolving blockchain fabric that
permits for compliance with regulations, while supporting the varied requirements that arise when competing businesses work together on the same network. The central elements of this specification are smart contracts called “chaincode”, digital assets, record repositories, a decentralized consensus-based network, and cryptographic security.
The authors of the draft are described as “whitepaper working group members” and include technologists from JP Morgan, IBM, Cisco, Altoros, Fujitsu Labs, Deutsch Borse Group, Digital Asset Holding and DTCC.
The members stipulate a need for a new blockchain fabric as the current blockchain technology, still in nascent form, falls short of meeting the multitude of requirements inherent in the complex world of business transactions.