Bitcoin is out and the Open Ledger Project is in.
IBM, Intel, JP Morgan and several other big banks are among those making a big bet on blockchain, the distributed transaction processing engine behind cryptocurrencies such as Bitcoin. The companies have joined forces to create the Open Ledger Project with the Linux Foundation, with the goal of re-imagining supply chains, contracts and other ways information about ownership and value are exchanged in a digital economy.
IBM is contributing thousands of lines of existing code based on its research into the blockchain based on a years-long research effort. Digital Asset, a company that makes software for designing blockchains, is contributing the Hyperledger name to the project, which will be used for branding the effort, as well as code and developer resources.
The Open Ledger Project isn’t proposing another cryptocurrency, but rather wants to use blockchain technology to create tools to allow businesses to build a distributed ledger for anything they can dream up–from exchanging automotive titles in seconds to paying retail suppliers when a sale is made.
Because the ledger is both connected and distributed, it is easy to track changes to the database and difficult to forge entries or delete them. Honduras uses the technology to track land titles and musicians use using it to let fans pay them directly for songs.
Jerry Cuomo, an IBM Fellow working with the Open Ledger Project, says he wants to help create a distributed ledger to offer businesses privacy, confidentiality and accountability. In many cases when customers came to IBM considering something like Ethereum or Bitcoin, they are worried about their data being stored in the larger community. Even big banks are cautiously embracing blockchain, as opposed to Bitcoin .
One of the options the Open Ledger Project tech provides is a way to limit the […]
