Even though some experts claim smaller blockchain consortia are needed, the Hyperledger Project may be the one exception in this regard. A total of eleven new members has joined the program, which will help put distributed ledgers on the map. Creating an open blockchain standard to create new applications is of the utmost importance. Things are looking quite good for the Hyperledger project, that much is certain.

Hyperledger Continues to Grow and Evolve

Adding new members to the Hyperledger project is quite intriguing. Considering the R3 consortium recently announced their flagship product will not sue blockchain technology in any shape or form, some people are starting to wonder if there is any use for distributed ledgers after all. Hyperledger feels there are still plenty of use cases waiting to be explored in this regard and their latest members will help the group achieve that goal.

To put this news into perspective, the Hyperledger group now comprises of over 120 members, making it the largest blockchain consortium in the world today. Moreover, the project receives even more interest from different organizations and industries than ever before. Understanding how distributed ledgers work and what impact they may have on individual industries is of the utmost importance.

Building robust and industry-specific applications based on blockchain technology is the way forward. By bringing dozens of companies together, it should become easier to develop open industry standards as more time progresses. Hyperledger is active in the banking, IoT, manufacturing and other sectors right now. Its latest members reflect tall of these different areas as well, indicating the future for blockchain looks even more viable than ever before.

Among the most recent Hyperledger members are the likes of Bank of England, Bitmark, MadHive, and others. All companies are more than excited to become a part of this growing blockchain consortium. It is evident distributed ledger technology will shake up businesses as we know them today, China Merchants Bank, for example, sees great merit in blockchain and how it will influence the banking industry as a whole. Being at the forefront of innovation and change is one of the reasons why this project is getting so much attention.

Header image courtesy of Shutterstock

About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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