Many of the major companies such as IBM, Intel, CISCO, the London Stock Exchange Group, and many others are collaboratively working together in order to create an alternative to the blockchain, the global online ledger that underpins the bitcoin digital currency.
This open source project aims to replicate the blockchain tech which will able to bring a new level of automation and transparency to a wide range of services.
Jerry Cuomo, the vice-president and the chief technology officer of the software division of IBM stated, “I don’t have a strong opinion on crypto currencies, 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.”
Overseen by the not- for- profit Linux Foundation, Open Ledger Project is the brainchild of IBM and it is contributing thousands of lines of existing code based on its research into the blockchain.
There are many issues such as the capability of the current blockchain to handle large volumes of data, dust attacks, and the blocksize debate have exposed weakness of the current network.
The group will have the authority to create a network infrastructure with their own blockchain which is sturdy and can withstand anything which will come in its way.
While David Rutter, Chief Executive Officer of R3, which leads a consortium that focuses on developing commercial application for the blockchain technology in the financial services industry, stated, “R3 has long believed that open source approach is the best vehicle for developing the foundational elements of a financial grade shared ledger that will benefit all market participants and their clients.
We’re very excited to be a part of this effort led by Linux, the marquee name in open source technology development.”
Currently, the R3 consortium includes 42 banks that plans to design and deliver advanced distributed or shared ledger technologies to global financial markets.
According to Jim Zemlin, the executive director of Linux Foundation, the blockchain demands a cross- industry, open source collaboration to advance the technology for all.
He declared, “Distributed ledgers are poised to transform a wide range of industries from banking and shipping to the Internet of Things, among others.
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.”