Linux Foundation announces Bitcoin Blockchain initiative to develop new …

Not-for-profit open source group The Linux Foundation has announced a new collaborative effort that aims to advance the Blockchain, the technology that powers Bitcoin.

The project is aiming to develop a new enterprise-grade, open-source distributed ledger framework based on the existing Blockchain with a goal of allowing developers to focus on building robust, industry-specific applications, platforms and hardware systems to support business transactions from the resultant open source code.

Initial members of the initiative include a highly impressive list of finance firms including 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.

Under the initiative companies that have already been working on their own Blockchain versions or derivatives will be contributing their code, including IBM who will be handing over tens of thousands of lines of its existing codebase and its corresponding intellectual property, and the R3 group (itself a collaborative effort between banks to develop Blockchain technology for financial markets) who is contributing a new financial transaction architectural framework designed to specifically meet the requirements of its global bank members

Read more ... source: TheBitcoinNews