B2B Payments

IBM Gets Hyped On Blockchain For Business

blockchain innovation

IBM is going all in on the blockchain. The computer technology firm is propelling the Hyperledger Project, a venture initiated with open-source operating system Linux.

The nonprofit said this week that 30 members are now a part of the Hyperledger Project, including BNY Mellon, ANZ Bank and Deutsche Börse Group. The partners are part of a growing population of technology and financial entities collaborating on use cases for blockchainn technology.

The Hyperledger Project will focus its exploration on an open platform so innovators can explore how the technology can streamline business processes. Reports highlighted the finance and banking focuses for enterprise use cases.

IBM Vice President of Blockchain Technology Jerry Cuomo is helping to spearhead the Hyperledger Project, which was announced only weeks ago before the start of the new year. The company is also providing technology and infrastructure to the initiative, along with supporters Ripple and Digital Asset, reports said.

The rise of mainstream support of blockchain goes far beyond IBM and Linux. This kind of support could be helping to ease regulators into the world of blockchain-based financial processes, too.

Reports earlier this week said ex-JPMorgan banker Blythe Masters, who operates her own blockchain startup, Digital Asset Holdings, is experiencing positive vibes from regulators.

In an interview, Masters said authorities “are very interested n the potential of this technology to improve transparency, audit trails, transaction reporting and reduce operational risk.”

But with blockchain initiatives still in their exploratory phases, regulators are likely to take a wait-and-see approach to this technology.


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