The foundation, which includes, amongst others, ANZ Bank, Cisco, CLS, Digital Asset Holdings, Fujitsu, IBM, Intel, and Wells Fargo, aims to nurture and create an enterprise-grade, open-source ledger framework. The hope is that it will enable developers to engineer esoteric applications to support business transactions world-wide.
“Distributed ledgers are poised to transform a wide range of industries’ says Jim Zemlin, executive director at the Linux Foundation,“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”, he added, “blockchain demands a cross-industry, open source collaboration to advance the technology for all”.
However, this not the first blockchain related project for either of the two companies. Credits has worked with the Isle of Man government to develop a blockchain-based registry, while the London Stock Exchange has already collaborated with a number of financial institutions to explore to possible use of blockchain.