COOPERATES WITH BANKING INDUSTRY FOR DIGITAL ID: Local Pinoy tech group wants to lead …

BLOCKCHAIN is the technology that will significantly speed up digital transformation in many fields because it has the potential to solve problems as it builds trust and accountability. This is the conclusion of Winston Damarillo, Executive Chairman of Amihan Global Strategies, a Filipino digital strategy and technology consulting company as he announced its a long-term collaboration with Hyperledger, an open source consortium hosted by The Linux Foundation.

The two companies excitedly launched the Philippines’ first-ever Blockchain Week earlier this month that brought together industry experts with technologists. The series of events kicked off last November 10 to unlock the potential of Blockchain in banking, retail, healthcare, media, and beyond.

The first immediate result of this common pursuit is the establishment of a industry-wide facility that will further enhance the country’s banking industry using digital identity technology.

This project with the Bankers Association of the Philippines (BAP) has upped the ante of digitization in Philippine banking by revolutionizing validation processes in the banking industry. With this, the Philippines is said to be one of the first few countries in the world to employ a powerful and sophisticated technology for identity management.

“We are committed to pursuing the Philippine banking roadmap we have crafted with the support of the Bangko Sentral ng Pilipinas. This initiative will enable the banking industry to provide a more convenient and faster way of delivering banking services to the clients,” BAP president Nestor Tan said.

“The possibilities are limitless. Our ambition is to move beyond possibilities towards action, towards real innovations that can spur a new wave of economic opportunity in one of the fastest growing economic regions of the world,” Damarillo pointed out.

The goal of the BAP, Amihan, Hyperledger consortium is to deliver banking services to more Filipinos, maximizing financial inclusion so increase who will benefit from access to credit and banking. Currently only 44 million out of 100 million Filipinos who have their own bank accounts..

“With the rapid development of technology on our side, banks must use this opportunity to constantly improve, innovate and provide better services to the banking public,” BAP Operations Committee chairman Abraham Co added.

““With Amihan’s partnership, we are excited to see new Blockchain-based Asean solutions that will revolutionize the region, and the entire digital world. We welcome this development for the Philippines. The Bankers Association of the Philippines joins a global movement to benefit consumers using this technology. We’re proud that the banking community is using open source software from Hyperledger technology to enrich data privacy and finance,” Brian Behlendorf, Executive Director of Hyperledger told media men.

“Digital is the best solution for financial inclusion in the Philippines,” Damarillo agrees.

Amihan is a leader in turning large enterprises into digital pioneers.

Among their innovations is the Nimble Wallet, a unified platform for holding digital assets including cash, points, vouchers, and digital currencies and universal ID system, which has been utilized in the BAP project.

Along with payments and remittances, the wallet enables businesses to incentivize customers by unifying disparate loyalty programs into one connected marketplace while the ID system a self-sovereign identity where every individual has full access over their data and can share it with organizations and people that they trust.

While the project is still in development, several major banks which include Asia United Bank, BDO, BPI, Citibank, East West Bank, Metrobank and Union Bank have already signed on to accept and verify customer data on the platform. Other banks are soon expected to follow.

“We are excited to collaborate with Hyperledger and the BAP to deliver inclusive innovation for the Philippines,” Damarillo concludes.

Established in 1949, The Bankers Association of the Philippines (BAP) is the lead organization of universal and commercial banks in the Philippines. It currently consists of forty-one member banks; twenty-one of which are local banks and twenty are foreign bank branches.

Related:

Hyperledger Announces 14 New Members

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SOURCE The Linux Foundation

183 diverse organizations back Linux Foundation’s open blockchain consortium

SAN FRANCISCO, Nov. 28, 2017 /PRNewswire-USNewswire/ — Hyperledger, an open source collaborative effort created to advance cross-industry blockchain technologies, announced today that 14 new organizations have joined. As a multi-project, multi-stakeholder effort, Hyperledger incubates nine business blockchain and distributed ledger technologies including Hyperledger Fabric, Hyperledger Iroha, Hyperledger Indy, Hyperledger Burrow, Hyperledger Quilt and Hyperledger Sawtooth, among others.

“The amount of interest in getting involved with Hyperledger and increasing diversity of organizations joining our efforts in 2017 is really building momentum,” said Brian Behlendorf, Executive Director, Hyperledger. “These new members are critical in our goal of advancing enterprise grade, open source distributed ledger frameworks upon which users can build and run a variety of business applications. We’re excited to see the contributions from this vibrant community push forward more Hyperledger projects to 1.0 and beyond.”

Hyperledger aims to enable organizations to build robust, industry-specific applications, platforms and hardware systems to support their individual business transactions by creating an enterprise grade, open source distributed ledger framework and code base. It is a global collaboration including leaders in finance, banking, IoT, supply chain, manufacturing and technology. The latest General members include: Agavon, B9lab, China Minsheng Bank, EBPI BV, Global Blockchain Technologies, GM Financial, GXChain, Information Builders, Sempre IT, United Traders and YDreams Global.

Hyperledger supports an open community that values contributions and participation from various entities. As such, pre-approved non-profits, open source projects and government entities can join Hyperledger at no cost as Associate members. Associate members to join this month include: Monetary Authority of Singapore, National Association of Realtors and UCLA Blockchain Lab.

New member quotes:

Agavon

“As one of our key areas of business is providing consulting services to help companies decide whether blockchain or other distributed ledger technologies is right for them, as well as which one would be best, it was natural for us to decide to become a member of Hyperledger,” said Travin Keith, Founder of Agavon. “This way, we join many other great businesses taking blockchain technology forward in the right way. We look forward to being active members of the community by collaborating with others and contributing to the ecosystem, especially since some members of our team have already been doing so over the past year.”

B9lab

“We have been watching the enterprise blockchain space for a while and the work of everyone involved in Hyperledger has been the most consistent and convincing by far,” said Elias Haase, Founder of B9lab. “We decided to build an in-depth developer course for Hyperledger Fabric, and more courses will be following for the other incubated projects. Our aim is to bring more talent into the market where the community and technology really merit it. We’re thrilled to be a part of the growing Hyperledger ecosystem.”

China Minsheng Bank

China Minsheng Bank continues to focus on and explore the applications of blockchain technology in the financial industry,” said Niu Xinzhuang, general manager of the science and technology department of China MinSheng Bank. “Also, through technology leading business, change and innovation, China Minsheng Bank provides more efficient, more convenient, more intelligent financial services for clients. We’re very excited to join Hyperledger and contribute to this community.”

EBPI BV

“We are very happy to be part of the Hyperledger family,” Coen Egberink, managing director of EBPI BV. “The disruptive technology enables us to optimize and reinvent existing business models. Hyperledger gives us an advantage to make a difference for our customers and their users. We strongly believe in the new technological wave that Blockchain brings and think Hyperledger is the ideal tool to be part of that.”

Global Blockchain Technologies

“As we work in the dynamic and rapidly-growing blockchain industry, we are extremely eager to explore and heighten our understanding of a variety of blockchain platforms,” said Shidan Gouran, President of Global Blockchain Technologies Corp. “We feel that there is no universal solution for all problems. Joining Hyperledger is an ideal opportunity for us to collaborate with the community to develop top-tier blockchain solutions.”

GXChain

“Since its inception, our company has been devoted to using blockchain technology for providing efficient and safe data exchange services for companies, governments, and institutions, helping people better manage their data,” said Minqiang Huang, Founder and CEO of GXChain. “We believe data will be the most important resource. The development level of a country will be largely determined by their efficiency of using data. GXChain greatly simplifies procedures of data exchange, improving security, user privacy and protecting data copyrights. We are excited to join Hyperledger. We want to make a better world by collaborating with more members to explore blockchain and related business models.”

Information Builders

“As blockchain technology makes inroads into finance, manufacturing, logistics, and many other business domains, Information Builders is pleased to introduce mature technologies for data intelligence, data integrity, and data integration to Hyperledger,” said Gerald Cohen, CEO of Information Builders. “Our iWay Service Manager (iSM) integration engine and WebFOCUS analytics platform enables blockchain applications to turn raw data into instant insights, while our Omni-Gen data management platform enforces consistency and standardization within blockchain applications, helping customers to easily integrate many types of applications, databases, and computing platforms onto Hyperledger Fabric. We look forward to working with Hyperledger.”

Sempre IT

“At Sempre IT, we are on a journey to enable our clients and partners in the development of new digital disruptive business models, and The Linux Foundation is aligned with our objectives, considering all the blockchain ecosystem provided by Hyperledger,” said Thiago Azevedo, CTO of Sempre IT. “The capabilities of a modular blockchain and its permissioned operation mode have a huge impact on the consensus strategy of the ledger. We are excited to be the first Brazilian partner of Hyperledger, improving our services of designing smart contracts and supporting the infrastructure components and the functional and performance tests of the blockchain.”

United Traders

“We are veterans of financial markets and have developed top notch software packages for professional traders, algorithmic trading, and market-making,” said Dmitry Belousov, Partner at United Traders. “We’ve been studying blockchain technology since 2013 and see it as promising and highly appreciate its potential for further development. Becoming a member of Hyperledger, a consortium unifying leaders of financial progress is a big step for us. This step gives us opportunities for cooperation, exchange of technologies and building new partnerships.”

YDreams Global

“We are proud to be part of this important movement that Hyperledger is leading,” said Daniel Japiassu, CEO of YDreams Global. “Blockchain is a necessity for our products and joining Hyperledger is part of our growth strategy as it will positively affect Arkave and several other initiatives. In order to have the fastest network of VR gaming arenas in the world, we need to combine efforts with Hyperledger and the amazing community they have. It is an honor to work with Hyperledger and we are looking forward to the collaboration.”

About Hyperledger

Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies. It is a global collaboration including leaders in finance, banking, Internet of Things, supply chains, manufacturing and Technology. The Linux Foundation hosts Hyperledger under the foundation. To learn more, visit: https://www.hyperledger.org/.

Contact:

Jessica Rampen

The Linux Foundation/Hyperledger

jrampen@linuxfoundation.org

650.787.3548

View original content with multimedia:http://www.prnewswire.com/news-releases/hyperledger-announces-14-new-members-300562271.html

©2017 PR Newswire. All Rights Reserved.

Related:

Hyperledger grows membership roster

As a multi-project, multi-stakeholder effort, Hyperledger incubates nine business blockchain and distributed ledger technologies including Hyperledger Fabric, Hyperledger Iroha, Hyperledger Indy, Hyperledger Burrow, Hyperledger Quilt and Hyperledger Sawtooth, among others.

“The amount of interest in getting involved with Hyperledger and increasing diversity of organizations joining our efforts in 2017 is really building momentum,” said Brian Behlendorf, Executive Director, Hyperledger. “These new members are critical in our goal of advancing enterprise grade, open source distributed ledger frameworks upon which users can build and run a variety of business applications. We’re excited to see the contributions from this vibrant community push forward more Hyperledger projects to 1.0 and beyond.”

Hyperledger aims to enable organizations to build robust, industry-specific applications, platforms and hardware systems to support their individual business transactions by creating an enterprise grade, open source distributed ledger framework and code base. It is a global collaboration including leaders in finance, banking, IoT, supply chain, manufacturing and technology. The latest General members include: Agavon, B9lab, China Minsheng Bank, EBPI BV, Global Blockchain Technologies, GM Financial, GXChain, Information Builders, Sempre IT, United Traders and YDreams Global.

Hyperledger supports an open community that values contributions and participation from various entities. As such, pre-approved non-profits, open source projects and government entities can join Hyperledger at no cost as Associate members. Associate members to join this month include: Monetary Authority of Singapore, National Association of Realtors and UCLA Blockchain Lab.

New member quotes:

Agavon

“As one of our key areas of business is providing consulting services to help companies decide whether blockchain or other distributed ledger technologies is right for them, as well as which one would be best, it was natural for us to decide to become a member of Hyperledger,” said Travin Keith, Founder of Agavon. “This way, we join many other great businesses taking blockchain technology forward in the right way. We look forward to being active members of the community by collaborating with others and contributing to the ecosystem, especially since some members of our team have already been doing so over the past year.”

B9lab

“We have been watching the enterprise blockchain space for a while and the work of everyone involved in Hyperledger has been the most consistent and convincing by far,” said Elias Haase, Founder of B9lab. “We decided to build an in-depth developer course for Hyperledger Fabric, and more courses will be following for the other incubated projects. Our aim is to bring more talent into the market where the community and technology really merit it. We’re thrilled to be a part of the growing Hyperledger ecosystem.”

China Minsheng Bank

“China Minsheng Bank continues to focus on and explore the applications of blockchain technology in the financial industry,” said Niu Xinzhuang, general manager of the science and technology department of China MinSheng Bank. “Also, through technology leading business, change and innovation, China Minsheng Bank provides more efficient, more convenient, more intelligent financial services for clients. We’re very excited to join Hyperledger and contribute to this community.”

EBPI BV

“We are very happy to be part of the Hyperledger family,” Coen Egberink, managing director of EBPI BV. “The disruptive technology enables us to optimize and reinvent existing business models. Hyperledger gives us an advantage to make a difference for our customers and their users. We strongly believe in the new technological wave that Blockchain brings and think Hyperledger is the ideal tool to be part of that.”

Global Blockchain Technologies

“As we work in the dynamic and rapidly-growing blockchain industry, we are extremely eager to explore and heighten our understanding of a variety of blockchain platforms,” said Shidan Gouran, President of Global Blockchain Technologies Corp. “We feel that there is no universal solution for all problems. Joining Hyperledger is an ideal opportunity for us to collaborate with the community to develop top-tier blockchain solutions.”

GXChain

“Since its inception, our company has been devoted to using blockchain technology for providing efficient and safe data exchange services for companies, governments, and institutions, helping people better manage their data,” said Minqiang Huang, Founder and CEO of GXChain. “We believe data will be the most important resource. The development level of a country will be largely determined by their efficiency of using data. GXChain greatly simplifies procedures of data exchange, improving security, user privacy and protecting data copyrights. We are excited to join Hyperleder. We want to make a better world by collaborating with more members to explore blockchain and related business models.”

Information Builders

“As blockchain technology makes inroads into finance, manufacturing, logistics, and many other business domains, Information Builders is pleased to introduce mature technologies for data intelligence, data integrity, and data integration to Hyperledger,” said Gerald Cohen, CEO of Information Builders. “Our iWay Service Manager (iSM) integration engine and WebFOCUS analytics platform enables blockchain applications to turn raw data into instant insights, while our Omni-Gen data management platform enforces consistency and standardization within blockchain applications, helping customers to easily integrate many types of applications, databases, and computing platforms onto Hyperledger Fabric. We look forward to working with Hyperledger.”

Sempre IT

“At Sempre IT, we are on a journey to enable our clients and partners in the development of new digital disruptive business models, and The Linux Foundation is aligned with our objectives, considering all the blockchain ecosystem provided by Hyperledger,” said Thiago Azevedo, CTO of Sempre IT. “The capabilities of a modular blockchain and its permissioned operation mode have a huge impact on the consensus strategy of the ledger. We are excited to be the first Brazilian partner of Hyperledger, improving our services of designing smart contracts and supporting the infrastructure components and the functional and performance tests of the blockchain.”

United Traders

“We are veterans of financial markets and have developed top notch software packages for professional traders, algorithmic trading, and market-making,” said Dmitry Belousov, Partner at United Traders. “We’ve been studying blockchain technology since 2013 and see it as promising and highly appreciate its potential for further development. Becoming a member of Hyperledger, a consortium unifying leaders of financial progress is a big step for us. This step gives us opportunities for cooperation, exchange of technologies and building new partnerships.”

YDreams Global

“We are proud to be part of this important movement that Hyperledger is leading,” said Daniel Japiassu, CEO of YDreams Global. “Blockchain is a necessity for our products and joining Hyperledger is part of our growth strategy as it will positively affect Arkave and several other initiatives. In order to have the fastest network of VR gaming arenas in the world, we need to combine efforts with Hyperledger and the amazing community they have. It is an honor to work with Hyperledger and we are looking forward to the collaboration.”

Related:

Insights on the Roadmap for Hyperledger Fabric 1.1

As one of the Hyperledger Fabric Maintainers, one of the questions I am often asked is “What is the roadmap for Hyperledger Fabric development?”. My response is to point people to the Hyperledger Fabric wiki, because for the most part, we are pretty transparent about plans for our next release. Beyond that, things are a little fuzzy. As a community, we have not gotten to the point yet that we are planning multiple releases in advance.

The Hyperledger Fabric community published our 1.0.0 release of Fabric this past July. Since then, we have published patch releases on a (roughly) monthly basis (v1.0.1 – v1.0.4). The Hyperledger Fabric Maintainers’ intention is to continue to deliver monthly patch releases on the 1.0.0 release until we release 1.1.0 sometime in 1Q2018, at which point we will discontinue patch releases for the 1.0.x release branch and start publishing monthly patch releases for 1.1.x release branch.

Our roadmap of releases is to publish approximately one minor release per quarter once we get v1.1.0 published. We will be also be exploring the adoption of a long-term support (LTS) strategy starting with v1.2.0. What this would mean is that the Maintainers would continue to publish patch releases on a selected LTS release for up to a year (initially) afterwards, even if we publish a major or minor release in the interim.

As for specifically what new features we’re tracking in the roadmap for the 1.1.0 release, those can be found in the wiki, as well. There’s not much to add, because the wiki also links to each feature’s JIRA item which tracks the feature development and would typically include any design documents, etc.

Note that we are also tracking a set of experimental features that can be enabled through a re-compile of the Fabric codebase. You can generally expect, that these features would be formally supported in the subsequent release (1.2.0 in this case).

We also track the progress of each feature in our next release in our JIRA dashboard (see gadget in the upper left).

The Hyperledger Fabric Maintainers are always interested in feedback and proposals for new features. Again, because this is open source, anyone can weigh in through one or more of the various communication channels (chat, email, or posting directly to JIRA).

Related:

Blockchain technology rolled out, disruption in finance industry expected

Story & photo by Rizal Raoul Reyes

THE next big disruption in digital technology is going to shake the country’s financial industry. Through the partnership between Filipino company Amihan Global Strategies and Hyperledger, the introduction of blockchain technology is getting a big push after they were asked by the Bankers Association of the Philippines (BAP) to establish an industry-wide facility anchored on the platform to enhance the country’s digital identity technology.

“We welcome this development for the Philippines. The Bankers Association of the Philippines joins a global movement to benefit consumers using blockchain technology,” Hyperledger Executive Director Brian Behlendorf said in a news briefing on November 17.

He said it is a milestone for Hyperledger as the country’s banking community is using open-source software from Hyperledger technology to strengthen data privacy and finance.

A blockchain is a distributed ledger that allows people around the world to link their computing power to create permanent records of exchange and build systems that have trust, accountability, security and transparency at their core.

Also known as distributed ledgers, it can be used to record promises, trades, transactions or simply items that a user doesn’t want to disappear. Mirrored exactly across all nodes in a given network, it allows everyone in an ecosystem to keep a copy of the common system of record. Furthermore, the records can never be edited or erased.Set featured image

Although the information or data is shared across the ledgers, the system will be anchored on self-sovereign identity. This means the individual will have an exclusive control and prudence of sharing his personal information to selected recipients of his choice. By using blockchain, Behlendorf said clients will have an easier time to process their transactions, as participating banks and accredited agents would be able to upload personal information at once through mobile phones. Once the uploaded information is confirmed and vetted by a participating bank, the client can now open a new bank account and access banking services of other participating banks in a much faster and easier manner.

Although the project is still in a fledgling stage, the best is yet to come for the technology duo as some of the country’s major banks (Asia United Bank, Banco de Oro, Bank of the Philippine Islands, Citibank, East West Bank, Metropolitan Bank and Trust Co. and Union Bank) have already signed and verified customer data on the platform. “Having Citibank as one of the signatories means that Amihan is gaining recognition for this initiative,” Amihan Executive Director and Founder Winston Damarillo pointed out.

The BAP, led by its president Nestor Tan, expressed optimism on the blockchain technology. Tan said it will be drastically change the verification processes in the banking industry. With this, Damarillo said the Philippines is one of the first few countries in the world to employ a powerful and sophisticated technology for identity management. “We are commented to pursuing the Philippine banking road map we have crafted with the support of the Bangko Sentral ng Pilipinas. The initiative will enable the banking industry to provide a more convenient and faster way of delivering services to clients,” Tan said in a news statement.

As of 2017, there are only 44 million out of 100 million Filipinos that deposit their money into bank accounts. Nevertheless, with the economic growth of the country and the propagation of digital technology, more Filipinos are expected to have easier access to financial services.

“Digital is the best solution for financial inclusion in the Philippines,” Damarillo said.

Amihan is also developing a blockchain-based universal ID that customers can use across different banks, businesses and government institutions. “The idea is to develop a self-sovereign identity,” Damarillo said, “where every individual has full access over their data and can share it with organizations and people that they trust.”

“Ultimately, blockchain technology is about building more distributed, more accountable, and more open transaction networks and services. This will benefit companies and even everyday people,” Behlendorf said. “With Amihan’s partnership, we are excited to see new blockchain-based Asean solutions that will revolutionize the region, and the entire digital world.”

The implications go beyond finance. Blockchain technology has the potential to solve problems that run the gamut, from storing health records to tracking ethical consumption, monetizing digital content, tackling voter fraud and more.

“The possibilities are limitless,” Damarillo said. “Our ambition is to move beyond possibilities toward action and real innovations that can spur a new wave of economic opportunity in one of the fastest-growing economic regions of the world.”

Meanwhile, digital-technology colossus PLDT recently disclosed it’s serious in implementing blockchain technology to protect and manage its data in a more efficient manner. Right now, PLDT Executive Vice President and ePLDT Group President and CEO Ernesto R. Alberto said the company is evaluating how to implement blockchain in its operations.

“Digital enablement is far and wide. We will include blockchain as a platform as part of protecting our data assets soon,” he said.

Rene Meily Jr., president of the Philippine Disaster Resilience Foundation, said some start-ups under the Ideaspace Foundation are using blockchain for their operations. “I think they’re now working out with the system,” he said.

Earlier this year, software titan Oracle announced the launching of the Oracle Blockchain Cloud Service. The Redwood City, California-based company said the advanced, enterprise-grade distributed ledger cloud platform helps customers increase business velocity, create new revenue streams and reduce cost and risk by securely extending ERP, supply chain and other enterprise software as a service plus on-premises applications to drive tamper-resistant transactions on a trusted business network.

Part of the Oracle Cloud Platform, it provides an enterprise-grade blockchain platform with industry-leading resiliency, scalability and security. It is fully managed by Oracle and provides customers rapid provisioning and simplified operations with built-in monitoring, continuous backup and point-in-time recovery.

“Blockchain holds the promise to fundamentally transform how business is done, making business-to-business interactions more secure, transparent and efficient,” Amit Zavery, senior vice president of Oracle Cloud Platform, said in a news statement.

Related:

First Look: The Hyperledger Project

Yesterday I hinted at a brand-new blockchain network powered by some of the biggest names around.

Today I’m bringing you an insider’s look at this brand-new version of the popular network.

Introducing the Linux Foundation’s Hyperledger project.

It’s biggest innovation in blockchain tech I’ve ever seen.

Pulling Back the Curtain

The Linux Foundation is a nonprofit organization focused on enabling mass innovation through open source networks and technology.

Founded in 2000, the foundation provides unparalleled support for open source communities through financial and intellectual resources, infrastructure and other services.

The foundation’s previous success is unparalleled. They’ve created some of the most ambitious innovations in shared technology we’ve ever seen.

Just look at their track record of successes:

  • Linux is the operating system for over 95% of the top million web domains
  • 500 of the most powerful supercomputers in the world run Linux
  • 80% of new smartphones run Android, an OS based on Linux code
  • The NYSE, Nasdaq, London and Tokyo stock exchanges all use Linux for their systems.

That’s just the short list.

Now the Linux Foundation is leading the way in a collaborative effort of over 150 major organizations to create an entirely new blockchain network.

With a track record like this, you can bet Linux is going to do it better than anyone else.

The Best of Blockchain and Nothing Else

The Hyperledger project is a new version of blockchain that offers enterprise-grade, open source frameworks.

This isn’t some hyped-up cryptocurrency network. It’s a blockchain network built by big business for big business.

Hyperledger is a user-verified and trusted version of blockchain that utilizes the best aspects of this tech while solving its biggest problems.

Hyperledger networks allow for anything of value to be tracked and traded. The application of which is already showing great promise.

Hyperledger could singlehandedly revolutionize the way companies conduct business across every major industry.

We’re seeing immediate impact in a number of industries including financial services.

For example, Hyperledger allows financial service transactions to be settled in minutes instead of days.

Reducing the time it takes to conduct these transactions may seem insignificant.

But it’s worth billions in cold, hard cash to the likes of Goldman Sachs, JP Morgan and the world’s major financial exchanges such as the NYSE.

Cost-cutting of that scale translates into growth. Which, through rising share values, could greatly bolster your own portfolio.

If you invest in companies utilizing this technology.

But the benefits of a streamlined trustworthy blockchain network don’t end there. It can also help companies manage the flow of goods and related payments. This means streamlined manufacturing and shipping costs could be reduced by billions of dollars.

If you’re looking for a growth facilitator, it doesn’t get better than this.

Because what does every company on the planet, large or small, have in common?

They want to cut costs. The Hyperledger project promises to do this on a massive scale.

The Biggest Companies Are All In

As I mentioned yesterday, the biggest issue currently facing today’s blockchain networks is trust. For global adoption of blockchain there needs to be transparency and trust.

Built as an anonymous exchange network, blockchain’s original framework fundamentally undermines this trust.

Think about it: Would you rely on an anonymous person halfway across the world to handle your bank transactions or investments?

Probably not, nor would any legitimate company.

But with a verified network made up only of trusted participants we have something big on our hands. Something with multibillion-dollar market disruption written all over it.

That’s what’s so enticing about the Hyperledger project. I’m not the only one who sees the value either.

Early commitments to the project are a veritable who’s who of big names. The list includes Accenture, Cisco, Deutsche Börse, Digital Asset Holdings, Fujitsu, IBM, Intel, J.P. Morgan, the London Stock Exchange, Mitsubishi UFJ Financial Group and Wells Fargo.

That’s just naming a few. There are 100-plus more big names involved as well.

That’s also why this technology is so exciting. It has the corporate backing and the universal utility to become one of the biggest innovations in history.

Hyperledger networks could fundamentally change the nature of how business is conducted. Freeing up billions of dollars to facilitate new growth across all sectors.

Bottom line: When companies can save this much, investors rejoice. Because they can make a killing off rising share values and dividend payments.

This is one boat you can’t afford to miss.

For Tomorrow’s Trends Today,

Sean McCloskey

for The Daily Reckoning

Related:

“You could think of Hyperledger Fabric kind of like an Apache Web Server”

“Every cloud company is going to offer Blockchain as a Service (BaaS)”

“The more diverse your ledger, the more participants there are. It’s kind of like having more witnesses to a contract,” Brian Behlendorf, Executive Director of Hyperledger said in an interview at this year’s JAX London conference.

Hyperledger is an open consortium bringing together a community of organizations and individual developers to establish protocols and standards to improve the performance and reliability of blockchain technology. Hyperledger aims to provide tools for communities to build their own chains, rather than driving everyone to one chain. We envision a world of many chains, some public like the crypto-currencies and some “permissioned” — like you will likely see in healthcare settings. By developing a common distributed ledger technology that is shared, transparent and decentralized, the possibilities are endless.

Brian Behlendorf

If you want to understand this technology better and learn more about Hyperledger’s roadmap, this interview is for you.

SEE ALSO: “We’re just on the edge of blockchain’s potential”

Setting the course for a world without middlemen?

Will blockchain eliminate the middleman? Can it do that? Should it do that? These are just a few questions that hover over the technology behind Bitcoin. A lot of people seem to believe that some middlemen will become obsolete. However, one should understand that just like in the case of people vs. automation, blockchain will not be responsible for the “extinction” of middlemen.

Blockchain will definitely transform a lot of middlemen, it will certainly cut a lot of margin out of being a middleman — the right kind of middleman will be like a referee on a football field.

Brian Behlendorf

If you want to read more about this scenario, check out this interview series in which nine blockchain influencers weigh in on this possibility.

asap

Related:

VMware Plans to Pilot Blockchain Technology in 2018

VMware Plans to Pilot Blockchain Technology in 2018
Sue Marek
November 21, 2017

11:05 am PT

VMware is getting closer to commercializing its research project that uses blockchain distributed ledger technology. In an interview with SDxCentral, VMware Chief Research Officer David Tennenhouse said the company will likely trial the technology with a small group of customers in 2018.

VMware first revealed that its research department was working on a blockchain prototype at its VMworld 2017 conference earlier this year. At the time, Tennenhouse hinted that the technology could become a new business area for the company.

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VMware has been conducting research on blockchain for the past three years. Last May, it appointed VMware veteran Michael DiPetrillo as senior director of blockchain and tasked him with determining how the company might develop blockchain into a proof-of-concept (PoC) project for customers.

DiPetrillo said the problem VMware is hoping to solve with blockchain involves scenarios where some type of third party is needed to federate information or data. For example, telecom companies that have to share customer phone records for portability use a third party to moderate and handle those records. “But that adds latency to the whole process,” DiPetrillo said. “And it adds costs to the customer.”

Instead, blockchain technology could be used as a foundation topped with software and systems so that whenever a company needs to federate information or data with another company, it could instead use blockchain.

But Tennenhouse and DiPetrillo admit there are still a lot of questions about how blockchain will work in this scenario. For example, which parties will be able to add to the blockchain? Will it require certain permissions? And how can VMware avoid some of the downfalls of blockchain; such as making sure that it doesn’t result in compute cycles that waste energy, make the network “chatty,” and drive up costs.

“We think we have solved that problem,” DiPetrillo said. The company has developed an algorithm that it believes will result in less chatter in the network. He said that VMware’s algorithm is currently included in several academic papers that are currently up for peer review.

At the Money 20/20 conference in October, VMware demonstrated its first blockchain PoC targeted at the financial services industry. DiPetrillo said the company used the PoC as a way to engage with customers across industry verticals and find out what problems they are encountering that blockchain might be able to solve.

Hyperledger Member

Besides its blockchain work in the company’s research department, VMware is also involved in the Hyperledger open source collaborative project hosted by the Linux Foundation. Hyperledger’s goal is to advance cross-industry blockchain technologies.

In July, Hyperledger issued its first release, Hyperledger Fabric 1.0, which is the company’s most active project. In October, it added a sixth sub-project named Quilt that is intended to facilitate transactions across ledgers. The first five projects are: Fabric, Sawtooth, Indy, Burrow, and Iroha. Here’s a recap of those projects.

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