The technology concept of blockchain gained notoriety due to the rise of the Bitcoin cryptocurrency, but blockchain has much wider implications and uses, according to Brian Behlendorf, executive director of the Hyperledger Project.
UBS Group AG, after experimenting with blockchain technology for about two years, plans to build a trade finance system that uses distributed ledgers to streamline import-export transactions globally. Working with International Business Machines Corp., the Swiss bank chose the open-source Hyperledger blockchain platform for the project, in part for its deft handling of smart contracts.
For banks eyeing blockchain technology, 2016 has been the year of tests, trials and proofs of concept. By this time next year, however, some 15% of them could be running blockchain solutions in the wild, according to research by IBM.
Geneva-based CLS is to build a Foreign Exchange (FX) payment netting service using Hyperledger Fabric. CLS is one of the founding members of the open source Hyperledger project which takes advantage of blockchain technology. With the help of IBM, CLS is building a settlement system for FX trades that are settled outside of the existing CLS settlement service.
Just when bankers were beginning to understand what it will mean to become digital, IBM’s CEO told them that’s become a new minimum — the next step is cognitive computing.
Executive Director Brian Behlendorf to present project vision at world’s premier financial services event
SAN FRANCISCO, CA – (August 18, 2016) – Hyperledger Project, a collaborative cross-industry effort created to advance blockchain technology, announced today it will sponsor the Innotribe Networking event at Sibos 2016. The conference will be held on September 26-29 at PALEXPO in Geneva, Switzerland. Hyperledger Project will be at booth #C90 in the expo center.
Hyperledger Project’s mission is to create an enterprise grade, open source distributed ledger technology that enables organizations to build and run robust, industry-specific applications, platforms and hardware systems to support their individual business transactions.
“We’re thrilled to have a presence at a well recognized event like Sibos,” said Brian Behlendorf, Executive Director of Hyperledger Project. “As the world’s premier event for financial services, we’re looking forward to discussing open source distributed ledger technology and its potential to transform the industry with leading companies and experts.”
On Wednesday, September 28, Hyperledger will sponsor the Sibos Innotribe Networking event, which will include opening remarks from Behlendorf and video demos of the technology. Additional speaking engagements will include:
- On Monday, September 26, Behlendorf will speak on the “Blockchain 2020 – What is Next for Adoption by the Financial Industry” panel designed to help attendees understand the technical and business impediments holding back the adoption of distributed ledger and blockchain technology and what needs to be done for it to have a transformative impact on the financial industry.
- On Tuesday, September 27, Behlendorf will join “Business Standards in the DLT Stack,” a session that will explore the place of standards in the “stacks” of potentially-disruptive technology-led initiatives, such as distributed ledger, using real-world experience as well as “what-if” theory.
- On Thursday, September 29, Behlendorf will join “Forward Compatibility,” a session focused on industry disruption and how to plan ahead for gradual adoption by an ecosystem.
Hyperledger Project will also be involved in two SWIFT Labs sessions “Discover R&D@SWIFT: Distributed Ledger Technology during the event.
Sibos brings together thousands of business leaders, decision makers and experts from a range of financial institutions, market infrastructures, multinational corporations and technology partners to discuss business strategy and collectively shape the future of the financial industry.
- Learn more about Hyperledger Project and its member companies
- Register for Sibos 2016
- Follow Hyperledger Project on Twitter or Like us on Facebook
- Follow Hyperledger Project on LinkedIn to stay up to date on news
About Hyperledger Project
The Hyperledger project is an open source collaborative effort created to advance blockchain technology by addressing important features for a cross-industry open standard for distributed ledgers. It is a global collaboration including leaders in finance, banking, Internet of Things, supply chains, manufacturing and Technology. The Linux Foundation hosts Hyperledger Project as a Collaborative Project under the foundation. To learn more, visit: https://www.hyperledger.org/.
The Linux Foundation/Hyperledger Project
“The back office in financial services is finally sexy again,” says Jim Zemlin, the executive director of the Linux Foundation. It’s not often you hear “back office” and “sexy” in the same sentence, and it may never happen again. But the changes coming to how corporations move stocks and deeds, as well as manage digital rights, could amount to a revolution that could rid the world once and for all of the bibles of paperwork created by things like real estate transactions. All this is happening thanks to a technological outgrowth of the digital currency bitcoin called the blockchain.
JPMorgan has unveiled what it calls a “distributed cryptoledger”, presented during this week’s meeting of the technical steering committee for the Linux Foundation-led open-source Hyperledger Project.
Just before Christmas, Overstock.com and its free-thinking CEO, Patrick Byrne, announced that the Securities and Exchange Commission had approved its plan to issue stock over the blockchain, the vast online ledger that drives the bitcoin digital currency.