IBM and financial service providers would be jointly developing an open source Blockchain to change the financial world for good.
The corporate computation giant, IBM, has collaborated with financial organizations, such as Wells Fargo, London Stock Exchange, JP Morgan, and some technology companies, such as Intel and Cisco, to develop an open source Blockchain. The venture is named ‘Open Ledger Venture’ and its management would be done by the same non-profit foundation that is known for Linux Operating system, the Linux Foundation.
While speaking to Fortune regarding the Open Ledger Venture, an official of IBM commented, “I think bitcoin is an interesting application for blockchain, but there are thousands of applications and wider use cases beyond that. 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.
Since the Open Ledger would be open-source, everyone could use it to make any kind of software utilizing this development library. It is still unclear that the Open Ledger would be focusing on work other than the utilization of Blockchain for non-financial matters, but the involvement of some very well-known financial organizations shows that the venture would emphasize on business matters.
Reports of Wired indicated, “this open source project aims to build blockchain-like technology that can bring a new level of automation and transparency to a wide range of services in the business world, including stock exchanges and other financial markets.”
The block chain is basically an international database that is equipped with the capacity to work autonomously outside a central information storing facility. Cyptocurrencies, such as Bitcon, are known for using this technology for the tracking of a currency, but Blockchain could be employed to keep a track of any other asset, including bonds and stock as well. The Open Ledger venture’s software is capable of changing the means employed by today’s financial sector to work.
The New York based organization is collaborating with the financial service providers at a time when it is collaborating with Abu Dhabi Islamic Bank to establish a new digital studio. ADIB states the studio would be the first of its kind in the Middle Eastern region and it would be employed to work on different digital innovation projects across the banking institution, including mobile banking iOS applications built on IBM MobileFirst and Bluemix cloud platform.
These developments are taking place at a time when IBM and AT&T have announced an extension of their long-term strategic relations to bring a full suite of software, hosting and networking facilities to enterprises.
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