The Linux Foundation To Launch An Advance Blockchain Technology For Businesses

The Linux Foundation, an open source, nonprofit organization is working with several business leaders to advance blockchain technology to build new system for the business transactions. The new open source project called open ledger project will change the way business transactions are conducted around the world. The companies that have already committed to the project include Wells Fargo, Intel, IBM, J.P. Morgan, Accenture, Cisco, Fujitsu Limited, IC3, London Stock Exchange Group, Mitsubishi UFJ Financial Group (MUFG), VMware and several others. The system is expected to be available to the business world in year 2016.

From the news announcement:

Blockchain is a digital technology for recording and verifying transactions. The distributed ledger is a permanent, secure tool that makes it easier to create cost-efficient business networks without requiring a centralized point of control. With distributed ledgers, virtually anything of value can be tracked and traded. The application of this emerging technology is showing great promise in the enterprise. For example, it allows securities to be settled in minutes instead of days. It can be used to help companies manage the flow of goods and related payments or enable manufacturers to share production logs with OEMs and regulators to reduce product recalls.

“Distributed ledgers are poised to transform a wide range of industries from banking and shipping to the Internet of Things, among others,” said Jim Zemlin, executive director at The Linux Foundation. “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.”

Distributed ledger systems today are being built in a variety of industries but to realize the promise of this emerging technology, an open source and collaborative development strategy that supports multiple players in multiple industries is required. This development can enable the adoption of blockchain technology at a pace and depth not achievable by any one company or industry. This type of shared or external Research & Development (R&D) has proven to deliver billions in economic value.

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 around the world.