Hyperledger onboards Citi, forms its base working group led by DTCC.
Open source blockchain software developer Hyperledger Foundation has added two more members to the Hyperledger Foundation Financial Services Working Group. The working group seeks to strengthen the link between service developers and corporate users.
Citi and the Brazilian Development Bank (BNDES) are new founding members. They will join 133 current members, including banks, central banks, technology firms, non-profit organizations, educational institutions and retailers. Members can support the foundation with money or “sweat equity”, executive director Daniela Barbosa told Cointelegraph. Their support ensures the continuity of the foundation's 13 projects, and the code they produce is enterprise-class.
A large portion of the funding Hyperledger receives goes to training expert users, who are experiencing high demand as the foundation's products gain acceptance, Barbosa said.
Hyperledger Base is a Java-based software and scalable implementation of the Ethereum Virtual Machine (EVM). It was developed by Consensys, which contributed to the Hyperledger Foundation in 2019. Code for 13 of the Hyperledger projects was contributed by companies, Barbosa said.
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When a company does not want to be the sole developer of software, it is common to contribute code to an open source foundation. Making a project open makes development faster and allows for a larger ecosystem. Barbosa added:
“As more companies, governments and different organizations take this code and bring it to production, they need partners and suppliers to help them on that journey.”
Hyperledger works with 35 vendors. Besu users need a variety of suppliers and partners for a healthy marketplace, Barbosa continued. She noted that some hyperledger projects, such as Besu and Textiles, have overlapping aspects. Open source software allows companies to collaborate on the development of non-commercial features.
The new Besu Working Group will be led by the Depository Trust & Clearing Corporation (DTCC), which was previously a founding member of the Foundation. Other members, not all foundation members, include Accenture, Banco Central do Brasil, Consensys, Citi, Japan Securities Clearing Corporation, Mastercard, Santander and Visa.
Hyperledger Base is the most widely adopted software for asset tokenization, BlockDaemon reported in early 2024. It is also “the symbolic aspect. […] Fractured, and often obscured,” and it's impossible to predict what that landscape will look like in 12-18 months. He warned:
“It is possible to imagine a future in which a few interdependent private chains control the lion's share.”
The Hyperledger Foundation is part of the Linux Foundation.
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