Hyperledger Foundation Expands Membership and Launches Besu Financial Services Working Group
Summary:
The Hyperledger Foundation, an open-source blockchain software developer, has added two new members, Citi and the Brazilian Development Bank, and established the Hyperledger Besu Financial Services Working Group. The group aims to enhance developers' partnership with organizations. Hyperledger's executive director, Daniela Barbosa, emphasized the need for software support from partners and vendors as they implement development projects. The foundation currently collaborates with 35 vendors and has 133 members.
Hyperledger Foundation, the open-source blockchain solutions provider, has added two members to its ranks and launched Hyperledger Besu Financial Services Working Group, aimed at strengthening collaboration between developers and organizations. The newest members are Citi and the Brazilian Development Bank (BNDES), joining the existing 133 members made up of central banks, tech companies, educational institutions, nonprofits and retailers. Through financial backing or "sweat equity", these members ensure the sustainability of the foundation's 13 projects that generate enterprise-level codes, says Daniela Barbosa, the executive Director of Hyperledger Foundation in an interview with Cointelegraph.
Funding received by Hyperledger mainly goes towards training skilled users who are increasingly in demand as more products from the foundation are being adopted. Hyperledger Besu, a Java-based software with a detachable implementation of Ethereum Virtual Machine (EVM), was originally developed by Consensys, which later joined the Hyperledger Foundation in 2019. The codes for all 13 projects by Hyperledger were donated by various companies.
Regular practice in software development involves submitting code to an open-source foundation when a company does not want to take up solo development of software. Open-source projects enhance development speed and lay the groundwork for a larger ecosystem, according to Barbosa's explanation. She further stated: “Businesses, governments and varied organizations that absorb and implement this code, generally require vendor and partner support on that path.”
Hyperledger is associated with 35 vendors and Besu’s users necessitate a variety of vendors and partners for a balanced marketplace, Barbosa further added. Some of the projects by Hyperledger, such as Besu and Fabric, possess similar features. This open-source approach facilitates collaborative development of non-commercial software features.
The upcoming Besu Working Group will operate under the guidance of Depository Trust & Clearing Corporation (DTCC), a existing high-level member of the foundation. Other participants include Accenture, Banco Central do Brasil, Consensys, Citi, Japan Securities Clearing Corporation, Mastercard, Santander and Visa, some of which are not foundation members.
As per the reports by Blockdaemon, they widely use Hyperledger Besu for asset tokenization in the industry. An early 2024 survey of 92 firms revealed that more than 40% used it. The report also cautioned regarding the unpredictability of the tokenization landscape over the next 12-18 months, stating that the future could see a small number of interoperable private chains dominating the tokenized flow. The Hyperledger Foundation operates under the umbrella of the Linux Foundation.
Published At
3/19/2024 3:00:00 PM
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