IBM to lead open-source semi-private blockchain for banking giants

From: The Stack

In March we reported that IBM was maintaining ‘informal discussions’ with the U.S. Federal Reserve whilst investigating the application of blockchain technology for financial services. Now that work has reached a new stage; the company has announced it will lead a crowd of coding giants in the development of a new blockchain financial transaction infrastructure called Open Ledger, for the benefit of major banking and financial institutions including Wells Fargo, JP Morgan and the London Stock Exchange.

The project will create a more flexible ledger of exchange, but will be unrelated – except in fundamental concepts – to the blockchain that currently underpins Bitcoin and other cryptocurrency systems. Furthermore the new system will be ‘semi-private’ in implementation, despite an open source approach to development.

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