No longer a group of thinkers and entrepreneurs on the fringe, the proponents of blockchain technology are growing in number, boosted by new attention from the media, financial institutions, professional services firms and, most recently, major tech giants.
SEVERAL MAJOR COMPANIES from across both the technology and financial industries—including IBM, Intel, and Cisco as well as the London Stock Exchange Group and big-name banks JP Morgan, Wells Fargo, and State Street—have joined forces to create an alternative to the blockchain, the global online ledger that underpins the bitcoin digital currency.
IBM, Intel, J.P. 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.
Blockchain just got some major support from the big players who’ve been talking about how to leverage its power for most of the past year. This includes IBM, Intel, JPMorgan and other big banks — all of which are ready to start finding a way to begin implementing distributed ledgers to process business and financial transactions.