Another effort to deploy blockchain technology to the process of carrying out and documenting financial transactions has been launched with the support of several major global financial firms.
The Linux Foundation, a San Francisco-based non-profit organization on Wednesday announced that its Hyperledger Project to advance the adoption of blockchain technology has been launched with the support of 30 founders. Financial industry firms in the group of stakeholders include: ABN AMRO; Accenture; BNY Mellon; CME Group; Deutsche Börse Group; DTCC; JPMorgan; State Street; SWIFT; and Wells Fargo.
The Hyperledger Project aims to build an open-source platform to use blockchain technology to streamline business processes in a variety of industries. It notes that distributed ledger technology is ideal for finance and other areas, such as manufacturing, banking, and insurance.
“The development of Blockchain technology has the potential to redefine the operations and economics of the financial services industry,” says Richard Lumb, chief executive, financial services, at Accenture, in a statement. “It emerges at an important time, as the industry strives to be leaner, more efficient and more digital. Open source development will accelerate the innovation and help drive the scalability of this technology, and we are proud to support the Hyperledger Project.”
“The Hyperledger Project has ramped up incredibly fast, a testament to how much pent-up interest, potential and enterprise demand there is for a cross-industry open standard for distributed ledgers,” adds Jim Zemlin, executive director at The Linux Foundation. “Working on its own even the largest global corporation could not match the speed at which our new members are moving blockchain technology forward. Such a broad effort and investment is sure to have a great impact on our personal and professional lives.”