InShortViral: Linux Foundation has with the ANZ Bank, Cisco and IBM partnership, “we will work together to advance the Blockchain technology – the underlying technology Bitcoin transactions.”
[dropcap]T[/dropcap]he Linux Foundation has with the ANZ Bank, Cisco and IBM partnership, “we will work together to advance the Blockchain technology – the underlying technology Bitcoin transactions.”
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The Foundation said that through this partnership, they will develop an open source distributed ledger an enterprise-class architecture. The participation and cooperation, in addition to the above three, will also include such as CLS, Credits, Digital Asset, Fujitsu, IC3, Intel, London Stock Exchange Group, Mitsubishi UFJ Financial Group, State Street Bank, SWIFT, VMware and Wells Fargo bank.
Linux, Cisco And IBM Developing Open Source Blockchain With Multinational Banks
According to the Linux Foundation, an open ledger partnership is very useful – the establishment of an open and cross-industry standard for distributed ledgers, partners can find missing important features quickly and targeted solution. Meanwhile, the Foundation believes that standards will be established commercial trading patterns can change the world.
“Distributed ledger will change the way many industries, including banking, transportation, things, including”, Linux Foundation executive director Jim Zemlin said.”
Any highly complex technology, so long as it has the ability to change our lifestyles and business models, as long as it is still in its early stages, then the blockchain technology behind it, we need to create a cross-industry, open source partnership, then in order to develop.
“In addition, the Foundation also said that with the progress of the project, participating partners will be 11 specific tasks clearly down. If the last successful future, almost anything of value can track and transactions.
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About Blockchain technology, chairman of the Australian Securities and Investments Commission Greg Medcraft said the technology can change in four major aspects of the financial system: to help automate the entire trading process; eliminating the need for third-party intermediaries between buyers and sellers; reduce transaction costs; increase the chance of cross-border transactions.