Linux Foundation Jumping Into Fintech Game
The Linux Foundation, a group which propagates and supports the use of Linux, announced a new project to develop blockchain technology.
This technology was initially ignored somewhat by the growing fintech sector. But with the adoption and success of various cryptocurrencies, in particular bitcoin, firms started to take a closer look. Blockchain technology offers innovative solutions to security concerns in the cryptocurrency arena as well as standardization potential.
The project from the Linux Foundation seeks to create a standard, enterprise, open-sourced and distributable framework based on blockchain.
The group hopes that by creating an open-source environment surrounding the technology, developers will have access to new technologies in the field and add their own perspectives and insight. Open-source projects have often times turned into much larger and streamlined products.
The Linux Foundation wants to extend this project past theory and into the realm practical corporate and developer solutions.
The venture has already gained membership from some of the top names in both tech and finance. R3, a collaboration effort itself, will focus on the practical side of development, including corporate solutions. IBM has pledged proprietary code and intellectual property to the initiative.
Other active members in the project include Accenture, ANZ Bank, Cisco, Digital Asset Holdings, Intel, JP Morgan, London Stock Exchange Group, Mitsubishi Financial Group, VMware, Wells Fargo and many others.