Several Technology companies and banking institutions have joined hands under the leadership and guidance of the Linux Foundation in the bid to build what they have described as a Blockchain without the flaws of the Bitcoin Blockchain.
According to Bloomberg Business, some of the tech companies that have signed up for the Open Ledger Project include Cisco, IBM, VMware, Fujitsu and Intel. The financial institutions include Wells Fargo, J.P. Morgan, Mitsubishi UFJ Financial Group (MFUG) and the London Stock Exchange Group.
A year-long research
One way the new Blockchain is intended to be better than that of Bitcoin is by setting standards that will allow other Blockchains to communicate over it.
Linux is one of the most successful free and open-source software. The Foundation is betting on its experience to pull off a decentralized Blockchain that that serves the needs of both business and finance.
In preparation for this task, the foundation has carried out a year-long research on the distributed technology.
Bloomberg Business has quoted Jim Zemlin, executive director at The Linux Foundation, saying that “Distributed ledgers are poised to transform a wide range of industries from banking and shipping to the Internet of Things, among others.”
We need cross-industry open source collaboration
He has also pointed out the need for cooperation in building this new technology. “As with any early-stage, highly-complex technology that demonstrates the ability to change the way we live our lives and conduct business,” he stated, “blockchain demands a cross-industry, open source collaboration to advance the technology for all.”
In the recent months some mainstream companies, especially financial institutions, have not only shown interest in the Blockchain, but some like Goldman Sachs have already gone ahead and designed their own versions of the Blockchain.