Technological and Financial Giants to Create a Blockchain Alternative

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17.12.2015

Several big-name companies from across both financial and technological sectors, including Cisco, Wells Fargo, London Stock Exchange Group, JP Morgan, Intel, Fujitsu, SWIFT, and IBM announced they created a consortium under the aegis of the Linux Foundation in order to develop an alternative for the blockchain technology.

Whilst recognizing the benefits of blockchain, they believe that there is something more to do about it.

“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,” Jim Zemlin, executive director at the Linux Foundation, stated.

The purpose of the project is to develop a blockchain-like technology providing even greater transparency than the inspiring technology can.

“The current blockchain is a great design pattern. Now, how do we make that real for business? What are the key attributes needed to make that happen? That’s what this organization is about,” says Jerry Cuomo, vice president and chief technology officer of IBM’s software group.

The project is dubbed Open Ledger Project, and, according to The Wired, leading the group is IBM. The project is expected to be open source; it was among other reasons why the development was to be carried out under auspices of the Linux Foundation, which is widely recognized and respected in terms of running this kind of projects.

The group describes the Open Ledger Project as a development library capable of empowering various enterprises to develop their own distributed ledger solutions requiring no application of the original blockchain concept and anything related thereto, as opposed to those based on Bitcoin or Ethereum.

“I don’t have a strong opinion on cryptocurrencies, but I have a strong opinion on the blockchain as a solution for contracts and supply chains and the Internet of Things. I think bitcoin is an interesting application for blockchain but there are thousands of applications and wider use cases beyond that,” Jerry Cuomo of IBM told Fortune in an interview.

According to the reports found in The Wired, the future product’s brand could be Hyperledger.

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