Linux Foundation, the technology non-profit organization responsible for one of the largest open source projects in the tech sphere till date is now going to collaborate with technology and banking giants to work on yet another open source technology. The new technology in question is Blockchain technology, the technology powering bitcoin and a lot of other cryptocurrencies enabling transactions across the network.
According to a release on PasteBin – a widely used text storage application on the internet, Linux Foundation will be collaborating with a long list of companies to create industry specific applications, platforms and hardware systems. These applications will be based on blockchain technology.
The endless list of companies includes the likes of Accenture, ANZ bank, Cisco, CLS, Deutsche Borse, Digital Asset Holdings, DTCC, Fujitsu, IC3, IBM, Intel, JP Morgan, London Stock Exchange Group, Mitsubishi UFJ Financial Group, R3, State Street, SWIFT, VMware and Wells Fargo. The group of companies along with Linux Foundation will be invested in creating what is called the HyperLedger.
All these companies on the list have already invested considerable amount of resources on blockchain research and development. A consortium of banks are already working with R3 to create a blockchain network to enable fund transfer between the banks in a more time and cost efficient way.
Blythe Masters, the CEO of Digital Asset, one of the collaborating companies was mentioned in the press release stating that their organization is delighted to have Linux Foundation offering their support in the development of Hyperledger brand and enterprise grade blockchain solutions. Hyperledger, being developed on a open source technology in association with Linux Foundation, known for their open source community based technology products will be a great addition to the open source community.
The Hyperledger brand is owned by Digital Asset Holdings after the company bought it earlier this year. In addition, the tech giant – IBM will be working on the existing codebase and associated intellectual property. While IBM’s contribution will help develop the technical side of the blockchain tech, R3’s experience in the financial technology sector will help develop the tech for adoption towards financial and banking operations.