Open Ledger Pro­ject by Linux Foun­da­tion

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The Linux Foun­da­tion has made an an­nounce­ment re­gard­ing a col­lab­o­ra­tion be­tween in­dus­tries for de­vel­op­ing blockchain tech­nol­ogy. The pro­ject is called the Open Ledger Pro­ject. It is go­ing to cre­ate an en­ter­prise grade, open source dis­trib­uted ledger frame­work which will fo­cus on cre­at­ing strong, in­dus­try-spe­cific ap­pli­ca­tions, plat­forms and hard­ware sys­tems for sup­port­ing busi­ness trans­ac­tions. The early con­tenders for the pro­ject are Ac­cen­ture, Dig­i­tal As­set Hold­ings, IBM, J.P. Mor­gan and Wells Fargo. Sev­eral found­ing mem­bers are in the process of do­ing sub­stan­tial re­search and de­vel­op­ment work to ex­plore blockchain ap­pli­ca­tions for in­dus­try.

IBM will be con­tribut­ing tens of thou­sands of lines of its ex­ist­ing code base and in­tel­lec­tual prop­erty for this com­mu­nity. Dig­i­tal As­set will be con­tribut­ing the Hyper­ledger mark that is go­ing to be used as the pro­ject name, along with en­ter­prise-grade code and de­vel­oper re­sources.

The SEC had al­ready ap­proved Over­stock.com’s reg­is­tra­tion state­ment for sale of se­cu­ri­ties through blockchain tech­nol­ogy. The Nas­daq Pri­vate Mar­ket is also go­ing to trade shares us­ing this tech­nol­ogy in its pi­lot pro­ject.

There are ob­vi­ously go­ing to be risks linked with the tech­nol­ogy’s large scale im­ple­men­ta­tion. The tech­nol­ogy, how­ever, will have to prove its scal­a­bil­ity for han­dling global set­tle­ment streams. This will in­clude suf­fi­cient data pro­cess­ing and stor­age power for solv­ing com­plex al­go­rithms, which are es­sen­tial for trans­fer­ring prop­erty and main­tain­ing ledgers. There will also be a need for global co­op­er­a­tion be­tween fi­nan­cial in­sti­tu­tions and reg­u­la­tors for the sys­tem to re­main open and non-pro­pri­etary. Is­sues in­clud­ing hack­ing, con­fi­den­tial­ity, money laun­der­ing and ter­ror­ism have to be ad­dressed.

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