In San Francisco on December 17, 2015, the Linux Foundation, the nonprofit organization enabling mass innovation through open source software development, announced a new collaborative effort to advance blockchain technology. The project will develop an enterprise grade, open source distributed ledger framework and free developers to focus on building robust, industry-specific applications, platforms and hardware systems to support business transactions.
Distributed ledger systems today are being built in a variety of industries but to realize the promise of this emerging technology, an open source and collaborative development strategy that supports multiple players in multiple industries is required. This development can enable the adoption of blockchain technology at a pace and depth not achievable by any one company or industry. This type of shared or external Research & Development (R&D) has proven to deliver billions in economic value. - Linux_Foundation:
Linux Foundation Unites Industry Leaders to Advance Blockchain Technology
"Blockchain is one technology that is sure to garner an enormous amount of attention for its potential as a disruptive force," said Takahito Tokita, Corporate Executive Officer SVP, Head of Financial Systems Unit, Integration Services Business. "Fujitsu is delighted to work through the open ledger project to contribute to the development of this technology."
Moiz Kohari, Group Head of Technology Innovation, London Stock Exchange Group said: “LSEG is committed to an open source collaborative approach to the development of the building blocks for blockchain technology. We believe this technology has the potential to drive change across the industry but will need to be developed in partnership with clients and other industry participants under an open source approach. This needs to be done in a considered and rigorous manner to benefit the market as a whole.”
"R3 has long believed that an open source approach is the best vehicle for developing the foundational elements of a financial grade shared ledger that will benefit all market participants and their clients," said David Rutter, CEO of distributed ledger initiative R3, the largest bank consortium in history. "We're very excited to be a part of this effort led by The Linux Foundation, the marquee name in open source technology development."
“Many firms are evaluating blockchain technology for the transactional, transparency, and settlement innovations it may hold,” said Steve Ellis, head of Wells Fargo Innovation Group. “The open ledger project enables institutions across industries to collectively explore how to create value, reduce cost, and improve accessibility to financial systems and services for customers.”
This is exciting, not just because of the sheer mass of developer talent that is being unleashed to progress the capabilities of blockchain technology, but because of who, the Linux Foundation and the open source community, is now getting involved in a much more official and significant way. This announcement shows how far we have moved beyond this technology being supported by soley one's side interest and showing that more time and talent will be devoted to tackling this massive project. The pace of pioneering development and implementation of blockchain technology and cyptocurrencies, like bitcoin and ethereum will now gain even more speed and momentum, last seen with Linux itself.
"It’s an idea now so ubiquitous, it’s easy to forget how pioneering it once was — build software by letting anyone contribute to it, anyone evolve it and everyone own it. Open source turns traditional notions of value creation on their head. The more you share, the more you benefit. Linux turned this ethos into a ubiquitous code base that now powers the most stunning innovations of our century from the world wide web to Android phones. And we believe it will power the innovations now barely visible on the horizon." - http://www.linuxfoundation.org/about