Since major enterprises started taking blockchain seriously and looking at the technology’s potential in their chosen arena, so have a number of popular enterprise-grade blockchain solutions have come to the fore.
Some of these solutions are sold to companies as an all in one solution, slightly deviating from some of the core decentralized and open-sourced pillars of the technology, but the more popular ones are open-sourced and constantly being developed.
The likes of Hyperledger Fabric, as well as Sawtooth and Besu, R3 Corda, and Quorum are all open source solutions that have been tracked for developer activity by Blockchain service firm Chainstack.
The information from Chainstack shows how Corda, from its inception in Q4 2016, has been a firm favourite in attracting developers to work on the project. But, as of Q3 of last year, Hyperledger Fabric overtook the R3 chain for the first time.
Fabric vs Corda
These two blockchain solutions are prominent in some of the world’s biggest enterprises who have decided to delve into the blockchain space. Looking at the Forbes 50 list of top enterprises using blockchain technology one can see 22 out of the 50 companies chose to use Fabric.
For Corda, 14 of the top 50 companies used that blockchain with there being a number of overlaps where the likes of Allianz SE, ING, Intel, Microsoft and others made use of both those chains.
With regards to the developer action, it makes for interesting reading as Corda was miles ahead when it burst onto the scene, but Fabric has seen a recent spike thanks to its move to GitHub in November 2019.
From the data, it is shown that there are 17,561 unique developers working on Fabric, while 5,678 are developing Corda. Additionally, Corda developers made more than double the code contributions at 30,382 to Fabric’s 12,439.
The analysis also showed that Fabric consistently has the lowest average amount of pushes per developer. For Corda, they boasted a group of dedicated contributors that push new code full-time.
The report also shows that Corda, Fabric and Quorum — an Ethereum fork for businesses — account for 86 percent of the total number of unique developers that pushed code in the space.
Good for business
This back-end developer action may go over the heads of many business decision-makers, but it is an important metric to examine. What it shows is that as the demand for new blockchain solutions develops and become more intricate, there are people out there working to make the technology more agile and dynamic.
It allows for non-blockchain orientated firm to contract out the development of their platform, rather than make their own in house. This mitigates a lot of risk and allows the companies to be further along in the process than if they were to start from scratch.
A new report analyzing the developer community of enterprise blockchain protocols was released, last week, by Singapore based Chainstack, a managed blockchain services company.
Entitled “Enterprise Blockchain Protocols Evolution Index 2020”, the report sheds light on the current state of protocol engineering in the field of open-source enterprise blockchain, in terms of the size of the communities and the prolificness of their community.
A notable finding of report, available here, concerns the extent of the growth of the developer community over the past three years. According to the study, between Q3 2016 and Q4 2019 the number of engineers in the space has increased 12 fold to 28,000.
While this represents a relatively small community by general open-source standards, the growth does indicate that enterprise blockchain appears to be a growing and vibrant software sector.
Chainstack chose to focus on six key protocols of major enterprise platforms comprising Hyperledger Fabric, Quorum, Sawtooth, Besu, Corda, And Multichain as these made up the majority of developers in the open-source enterprise blockchain protocol community.
The report provides an interesting insight not just into the relative size of the developer communities across the six protocols, but also into aspects such as the demographics of the developers involved in them. It also charts a story of how some of the larger, corporate backed protocols have fared well in the market while others have suffered a slow decline.
Development Community Not A Proxy For Adoption
While the Chainstack report provides some useful and insightful metrics concerning the overall development in the protocol development space, it does require careful reading to avoid jumping to conclusions concerning actual adoption or platform maturity.
The report stops short of providing data that could indicate whether the platforms themselves are being adopted and used, instead focusing on the size and activity of the engineering community involved in developing the underlying protocol. While it isn’t too far a stretch of logic to assume that a project with a large community of developers will have greater adoption, it’s not possible to draw a direct conclusion from the data.
Another potential hazard in interpreting Chainstack’s data is jumping to the conclusion that a project with more developers and activity necessarily implies that the technology is more mature than others; in some cases platforms are mature and are in maintenance mode, requiring fewer developers, whereas others may be further behind, and undergoing major modernization, therefore requiring more developers. To help readers filter out the day-to-day activity from major release related efforts, Chainstack has provided a calendar of major release dates for each platform in the appendix. This provides those that wish to dive a level deeper into the data with the ability to correlate activity and major changes to the protocol.
Nevertheless, despite the limitations, the study provides some interesting insights into the level of activity associated with each project which is a useful proxy for general protocol health and viability.
Key Highlights Of The Report
Some key highlights of the report include:
The Developer Community Grows At A Rapid Clip: The unique number of developers contributing to enterprise blockchain deployment has increased 12fold from Q3 2016 to Q4 2019.
Corda And Hyperledger Fabric Maintain Dominance: These protocols continue to dominate the enterprise blockchain space accounting for 86% of the total number of unique developers that pushed code, and are the most consistently active over time.
Hyperledger Fabric’s Community Is Larger But R3 Corda’s Is More Active: While Hyperledger Fabric has three times the number of contributors as R3 Corda (17,561 vs 5,678), the R3 Corda community had two and a half times more code pushes (12,439 vs 30,382).
Quorum Springs Back To Life: Quorum development has appeared to have jumped back to life after a dormant 2018, with a doubling of the number of developers involved in the project last year.
Multichain and Hyperledger Sawtooth Are In The Doldrums: The report highlights two losers of the study – MultiChain and Hyperledger Sawtooth have not seen much growth over the years, with Sawtooth activity declining 83% in 2019.
New Enterprise Contender Besu Makes The Top Six: Hyperledger Besu, a contribution from Consensys (previously named Pantheon), has made it into the top six, albeit with the lowest number of developers contributing at 639.
Thoughts From Chainstack
Speaking to Forbes.com, Laurent Dedenis, CEO and co-founder of Chainstack shared some of his insights about the study.
“One thing to note, is that not all protocols were born equally”, says Dedenis, referring to how the initial size and activity of the development community tends to set the tone going forward for the protocol – those with larger communities tend to maintain their leads whereas others tend to struggle.
Besu, Dedenis noted, was in a unique position within the group insofar as while it is new from the perspective of being a new Hyperledger project, it has started out with a strong community of developers given that the project was first created and incubated within the Consensys organization.
Dedenis also highlighted that those protocols with large commercial backers, such as R3’s Corda and Hyperledger fabric tended to be the ones with the largest and most active developer community.
One aspect of the findings that, for Dedenis, was surprising was how different the makeup of contributors types were across the various projects. For this analysis developers were segmented into casual users, frequent and power-users (most likely full-time for the company backing the protocol), then the distribution of these contributors were compared against each project.
One interesting conclusion is that Hyperledger Fabric had the majority of its developer base made up of those who contributed rarely, through casual engagements. This either suggests that the project has a large community of contributors not employed by IBM but who contribute rarely, or has a smaller captive team of IBM engineers involved in the core build of the solution.
Whereas, the data for R3 suggests a far larger number of power-users for R3 Corda, either suggesting a smaller community developer following as a proportion of the whole population or a far greater sized in-house dedicated team of engineers.
Bringing Welcome Transparency To Enterprise Blockchain
The emergence of empirical data sets that provide transparency on the evolution of the enterprise blockchain sector is a welcome development as it will help organizations make informed choices as they seek to adopt the technology.
That said, it is a developing space and Chainstack is the first to admit that there are other data sets that the industry desperately needs. For example, a view on the actual adoption by clients, whether that usage is small teams or large corporates, as well as a view on how many applications are being built on top of the protocols.
Another area where data remains sparse today is total cost of ownership of enterprise blockchain solutions. Particularly comparing the cost of open-source protocols against closed-sourced ones. Closed-source proponents are quick to claim that the actual full total cost of ownership of open-source is actually much higher than those that are proprietary.
But for now, without the hard figures and statistics, that remains debatable.
In the last quarter of 2019, Hyperledger’s Fabric open source blockchain software saw more developer activity than R3’s Corda platform.
Blockchain service firm Chainstack recently published a report about developer activity on six major enterprise blockchains, showing that Fabric has overtaken Corda in regard to dev activity on its repository. A chart included in the report shows that Fabric developer activity exceeded Corda’s in Q4 2019.
Total GitHub activity per-protocol. Source: Chainstack
Fabric’s growth after the switch to GitHub
The surge in Fabric developer activity closely followed the project’s transition from the code management tool Gerrit to the more popular GitHub in November 2019. Chainstack states that all the other enterprise blockchain projects included in the chart used GitHub from their inception.
Reported data shows that there are 17,561 unique developers working on Fabric, while 5,678 are developing Corda. At the same time, Corda developers made more than two times as many code contributions at 30,382 to Fabric’s 12,439.
Chainstack also observed that Fabric consistently has the lowest average amount of pushes per developer. Corda, on the other hand, has a group of dedicated contributors that push new code full-time.
The report also shows that Corda, Fabric and Quorum — an Ethereum fork for businesses — account for 86% of the total number of unique developers that pushed code in the space. Furthermore, Quorum has seen a twofold increase in the average number of contributors from mid-2018 and all through 2019. Overall, the report concludes:
“Based on the six protocols analyzed for this report, we can see that the number of developers contributing to the largest portion of the enterprise blockchain market has multiplied by 12 in the past three years, demonstrating a strong commercial interest. It is also clear to see that activity […] in this part of the enterprise blockchain landscape has reached a degree of stability.”
Total developer activity over time for all considered enterprise blockchain projects. Source: Chainstack
As major firms start to apply blockchain technology to various aspects of their business models, interest in enterprise blockchain platforms is increasing as it allows non-blockchain oriented firms to contract out the development of their platform, rather than make their own “in house.”
Recently, Spanish telecommunications giant Telefonica has reportedly partnered with the local Association of Science and Technology Parks to grant access to its Hyperledger-based blockchain to about 8,000 firms in Spain.
In mid-December 2019, multinational IT services giant Tata Consultancy Services launched a kit to speed-up the development of blockchain apps. The tool supports Hyperledger, Ripple, Corda and Ethereum protocols.
The year 2019 saw the launch of several private blockchain roll outs in the enterprise space, both in India and across the globe. Here, one of the most important developments was the launch of Hyperledger Fabric 1.4 in January 2019, which was its first long term support release. This was an important milestone in the adoption of enterprise blockchain as maintainers of Fabric network will now provide continuous bug fixes for each following versions. Also, programming model improvements in the Node.js SDK and Node.js chaincode makes the development of decentralized applications more intuitive, allowing developers to focus on application logic.
Hyperledger Led Private Blockchain Adoption In Open Source
Hyperledger has been the most prominent open source enterprise blockchain network launched in December 2015 by the Linux Foundation, and receiving contributions from IBM, Intel and SAP Ariba, to support the collaborative development of blockchain-based distributed ledgers. In 2019, apart from its Fabric blockchain product which has been used by hundreds of companies across the globe, Hyperledger Sawtooth also saw adoption from companies like Salesforce, Lamborghini, Target, Cargill.
Apart from using Hyperledger for specific enterprise use cases like supply chain management and distributed applications, other companies tweaked the open source software for serving their own customers. For example, In November 2019, Accenture announced that it developed and tested a solution called Blockchain Integration Framework which allows two or more blockchain enabled ecosystems to integrate and achieve interoperability as an end goal. A tutorial demonstrated sending an asset file between two enterprise blockchain networks, namely a generic deployment of Hyperledger Fabric and JP Morgan’s Quorum network using Accenture’s own blockchain interoperability solution, which Accenture has opensourced for all developers. Given there is a large interest among enterprises, India’s tech companies like
MindTree, Tech Mahindra joined Hyperledger Foundation to leverage its blockchain capabilities in 2019.
IBM Also Proved Leadership With Innovative Blockchain Products For 2019
As far as enterprise vendors in the blockchain space are concerned, IBM clearly won the race on the global level with innovative launches. In 2019, we saw IBM introducing Trust Your Supplier Network along with blockchain consultancy firm Chainyard. Along with IBM, Fortune 500 companies including Anheuser-Busch InBev, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone are founding participants in the Trust Your Supplier (TYS) network.
Another IBM’s blockchain project called Food Trust added big players in the food sector including Walmart, Nestle, Tyson Foods, French supermarket chain Carrefour, Dole Foods, Unilever, and US grocery giants Kroger and Albertsons. Both of these blockchain networks run on the IBM Blockchain Platform which is built to run on-premises and in multi-cloud environments. With the platform, organisations can create, test and debug smart contracts, and also connect to Hyperledger Fabric. IBM also in 2019 also launched a new supply chain service caled Sterling Supply Chain Suite based on its blockchain platform and open-source software from recently-acquired Red Hat that allows developers and third-party apps to integrate legacy corporate data systems onto a distributed ledger.
Another large scale private deployment of blockchain technology in 2019 was when the OOC Oil & Gas Blockchain Consortium announced it completed a trial for blockchain-based authorization for expenditure (AFE) balloting after it acquired tech from Canadian firm GuildOne. The alliance consists of several major oil companies including Chevron, ExxonMobil and Shell. Automaker BMW and logistics provider DHL worked on a blockchain proof of concept (PoC) for the former’s Asia Pacific supply chain operations to provide better visibility for parts shipped from Malaysia. In these two cases, it became clear that apart from open source technologies like Hyperledger or blockchain technologies from large vendors such as IBM, there are niche tech companies and consortiums working to develop in-house distributed ledgers for supply chains and trust/identity management.
What’s Happening In India For Private Blockchain Ecosystem?
In India, the enterprise adoption of blockchain is on the rise with multiple proof of concepts happening in both public and private enterprises. In fact, blockchain developer is India’s fastest growing emerging job role, as per a Linkedin report. To highlight the rising trend of private blockchain solutions, we saw in 2019 that major Indian IT solution providers like TCS, Infosys and Wipro launched their blockchain-focused products for businesses. Software major Infosys launched blockchain-powered distributed applications for government services, insurers and supply chain management verticals. The applications are planned for business systems to guarantee speedy deployment, and interoperability crosswise over divergent frameworks of significant value chain partners and cases including analytics and IoT (Internet of Things), Infosys said.
Services and consulting firm Tata Consultancy Services (TCS) introduced an innovative a “low code” development kit for organizations interested in developing and deploying blockchain technology quickly. The Quartz DevKit is a web-based development platform coupled with plug-and-play components that can be reused to help speed up the process. The company claims that these features enable shaving off as much as 40% of the total time required to develop and deploy the solutions. R Vivekananda, Global Head of Quartz at TCS, stated that they had received very positive feedback from pilot customers to their kit.
Unlike Infosys and TCS, Wipro made strides in enterprise payments space in partnership with blockchain firm R3, where the duo together developed a prototype in 2019 to execute digital currency payments for interbank financial settlements for a consortium consisting of the Bank of Thailand and 8 commercial banks in Thailand. Built as a component of the first phase of Project Inthanon, the solution will deliver de-centralized interbank real-time gross settlement (RTGS) using wholesale Central Bank Digital Currency (CBDC) in Thailand. The solution highlights that central banks across the globe are taking interest in hiring software companies to deploy blockchain solutions for payment and finance-related activities. It is to be noted that R3 developed a similar enterprise payments solution in 2019 with other companies too, including SAP and Accenture.
2019 saw multiple POCs coming into action for helping create enterprise blockchain networks for different purposes. The trend was clear- blockchain technologies created a trusted environment for data transmissions between virtual networks or devices while increasing efficiency of such exchanges. According to research, 75% of IoT technology implementers in America have already adopted distributed ledger or are working on adopting it by the end of 2020 out of more than 500 U.S. companies. Yet, Gartner’s Hype Cycle (above) for Blockchain Business also shows that most blockchain technologies are still 5-10 years away from transformational impact.
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Services and consulting firm Tata Consultancy Services (TCS) has launched a “low code” development kit for organizations interested in developing and deploying blockchain technology quickly.
According to a press release issued by the Mumbai-based company, the Quartz DevKit, as the solution is called, “abstracts out the complexity” of developing smart contracts on a blockchain by using pre-built templates for each step of the process and making the finished contract ready to be deployed on Hyperledger Fabric, Ethereum, and R3 Corda.
The Quartz DevKit is a web-based development platform coupled with plug-and-play components that can be reused to help speed up the process. The company claims that these features enable shaving off as much as 40% of the total time required to develop and deploy the solutions. R Vivekananda, Global Head of Quartz at TCS, stated that they had received “very positive” feedback from pilot customers to their kit.
The kit is part of the company’s Smart Ledger solutions aimed at organizations interested in harnessing blockchain technology. In addition to the Quartz DevKit, the other solutions integrated into the solution are the Quartz Gateway and Quartz Command Center. The latter is used for monitoring blockchain systems while the former is used to integrate third-party systems with a company’s blockchain.
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TCS got into blockchain early. In 2016, the company claimed that it had more than 100 blockchain-related projects under development. Earlier this year, itparticipated in a cross-border settlement of securities between banks in Kuwait and Morocco using the BaNCS Network—a private, permissioned ledger that the company has developed for its customers in the financial services and insurance industry.
Meanwhile TCS competitor Infosys completed a global blockchain trial of trade finance in September in partnership with blockchain consortium R3.
German securities marketplace Deutsche Boerse and Swiss state-run telecom Swisscom have settled securities transactions using different blockchain protocols. In a joint proof-of-concept (PoC) involving a number of banks, the participants exchanged money in the form of cash tokens against tokenized shares, Deutsche Börse officially announced on Nov. 19.
Based on blockchain technology, the joint PoC intends to show the potential of new technologies in the financial services sector and maintain Germany and Switzerland’s expertise in the digital asset ecosystem.
Three major Swiss banks participated in the PoC
The PoC involved major Swiss banks, including the fourth-largest Swiss bank Zuercher Kantonalbank, investment bank Vontobel and Falcon Private Bank. These banks were acting as counterparties and exchanged securities tokens against cash tokens, the press release notes.
The central bank of Switzerland, the Swiss National Bank, also indirectly participated in the PoC as the cash tokens were deposited as collateral in Eurex Clearing’s account in the bank. The cash tokens in Swiss francs were provided by Deutsche Boerse.
Corda and Hyperledger were used for cross-chain secure settlement
In order to process cash and security tokens, the participants were deploying two different distributed ledger technology (DLT) protocols — R3’s Corda and IBM’s Hyperledger Fabric — to complete cross-chain secure settlement.
Other participants of the PoC included Swiss blockchain firm daura and Custodigit, a joint custodial venture by Swisscom and Sygnum. The firms provided core elements of the digital share registry for the PoC, Deutsche Börse noted.
The new initiative by Deutsche Borse and Swisscom is another milestone in the existing blockchain-related collaboration of the companies. Earlier this year, Deutsche Borse Group and Swisscom partnered with Singapore-based fintech firm Sygnum to develop compliant financial market infrastructure for digital assets.
KBA has become a basic companion of R3, the academy has already introduced a developer certification program called Corda blockchain.
FREMONT, CA: A government initiative under the Indian Institute of Information Technology and Management, Kerala Blockchain Academy (KBA), is now an essential companion of R3. It was announced in the month of August that R3, a New York-based enterprise blockchain platform and technology firm enabling blockchain solutions in the financial sector, had selected KBA as the general partner.
Kerala Blockchain Academy has become the first government institution in India to design a developer certification program on Corda blockchain. This program is meant for banking and technology professionals, and also provides in-person training on technologies such as Hyperledger and Ethereum (ETH). According to the reports; many banks in Kerala have already started executing Corda blockchain-based solutions for their core banking systems.
The ambition of the Blockchain Research Group of KBA is to make an academic platform to strengthen the contributions from academia, researchers, industry experts, and Blockchain enthusiasts.
The vibrant ecosystem of KBA was started in 2017. It is providing Certification Programs, R&D activities, and Consultancy, and has attracted international attention. KBA is an Associate Member and Official Training Partner of Linux Foundation Hyperledger Project.
The federal government of the Indian state of Maharashtra is preparing a regulatory sandbox for testing blockchain options throughout numerous functions. It shows that India has been open in the direction of blockchain.
More than three hundred organizations which are working to develop distributed systems for use in fields such as insurance and financial services are led by R3. Many technologists are engaged as part of the R3 community to solve a massive amount of problems across various industries.
Blockchains don’t exist in isolation. This is especially true of enterprise blockchains, which target the business and financial sectors. These projects rely on industry-wide consortia to attract new clients, research, and investments.
Unlike public ledgers, projects in the world of enterprise blockchain rarely issue cryptocurrencies or launch an ICO. As such, they don’t have much of a public image. But that may soon change, as many enterprise blockchain projects are joining forces in order to gain recognition.
According to a recent report from Deloitte, there were over 40 blockchain consortia in 2017. Many other groups have been created since then, but only a handful are notable. Here are a few particularly established groups.
The Hyperledger Foundation
Hyperledger is a blockchain group that was created by the Linux Foundation in 2015. It’s one of the most notable enterprise blockchain groups, and it is best known for Hyperledger Fabric, a permissioned blockchain platform that is being developed by IBM.
Several other high-profile members belong to Hyperledger as well: Intel, JP Morgan, and SAP Ariba are all part of the group. Hyperledger has also partnered with the Ethereum Enterprise Alliance, bringing two of the largest blockchain associations together.
In recent news, Hyperledger has taken over one of ConsenSys’ blockchain projects. The project, formerly known as “Pantheon,” is a suite of tools for Ethereum. Hyperledger will continue to develop it under the name Hyperledger Besu.
The Enterprise Ethereum Alliance (EEA)
The Enterprise Ethereum Alliance was founded in 2017 to bring Ethereum to enterprise clients. It mainly provides standards and specifications for Ethereum-based tools and forks of the software that are targeted at businesses. Over 250 companies have joined the group.
EEA’s member list includes many big tech names, such as Microsoft and Intel. Several blockchain companies, including Consensys,Aion, and Filament, are also members. Many financial firms, such as JP Morgan and Santander, have joined the group as well.
EEA’s most notable project may be the Token Taxonomy Initiative, which aims to define blockchain tokens in a way that applies universally. EEA also frequently publishes industry reports: for example, it published a report on blockchain and telecom last month.
The R3 Blockchain Group And Corda
R3 was formed in 2014, and it is best known as the company behind Corda – an enterprise blockchain that is primarily targeted at financial institutions and similar firms. R3 isn’t just a blockchain company, though – it’s also a group that has over 300 members.
R3’s most prominent members are banks and financial institutions, such as ING, Wells Fargo, and several others. However, some of R3’s earliest and most prominent members have left the group: both JP Morgan and Goldman Sachs have cut ties.
Several non-member companies have also partnered with R3. Earlier this year, SWIFT integrated its rapid-settlement service, gpi Link, with Corda Settler. Amazon also offers Corda via Amazon Web Services, making it easier for clients to deploy R3’s blockchain.
In recent news, R3 has partnered with Wethaq to create a trading platform that is compliant with Sharia Law. This platform is reportedly being built on Corda, and it will support the trade of sukuk securities, a heavily-regulated Islamic financial asset.
The Mobility Open Blockchain Initiative (MOBI)
The Mobility Open Blockchain Initiative was founded in 2018. It may be new, but it’s also unique: it’s introducing blockchain and distributed ledger technology to the automotive industry. It’s also developing blockchain tech for smart cities, transit systems, and similar areas.
So far, MOBI has attracted participation from many major automakers, including Ford, Renault, GM, Honda, and BMW. Several blockchain companies are also involved, including IOTA, Hyperledger, Quantstamp, ConsenSys, and DLT Labs. IBM is involved as well.
MOBI’s most recent announcement concerns plans for a Vehicle Identity Standard, which will be used to allow communication between vehicles and other entities. This will in turn make vehicles safer, reduce environmental damage, and improve supply chain management – all through the use of blockchain technology.
Can Enterprise Blockchain Get The Job Done?
Consortia may provide support to enterprise blockchains, but they don’t guarantee success. As Deloitte has noted, these enterprise groups must attract funding and members. Governance and leadership are also key – they actually have to get things done.
Sometimes, consortia can produce disappointing results, despite their best efforts. Some collaborations are brief, slow-moving, or unproductive. Suffice to say, blockchain technology is a secondary concern for many large companies.
Enterprise projects also face direct competition from public blockchains that target similar markets, such as Ripple‘s XRP Ledger and VeChain. It’s not clear if enterprise blockchains have an edge against the competition, but they do provide an alternative path to adoption.
HSBC, one of the world’s major banking firms, has recorded a new win as the first bank to initiate and conclude a full finance transaction on the we.trade blockchain network. The transaction facilitated the acquisition of Beeswift, a client of HSBC which specializes in the production of protective equipment.
The we.trade platform plans began in 2017 and was officially registered as its own entity in April 2018. Since inception till now, it has on-boarded about 12 different firms as shareholders including UniCredit, Caixabank, HSCBC, Erste Group, Deutsche Bank, Nordea, Santander, Natixis, KBC, Rabobank, UBS and Société Générale.
The platform is based in Dublin, Ireland, and presents clients with the opportunity of tracking, and general management of all its transactions, especially between two or more firms. we.trade uses Hyperledger Fabric to support transactions in three major ways.
Firstly, the platform can help a firm find credible partners to transact with, making sure it’s all done online and in the most transparent of ways. After that, we.trade can help with a bank issued letter of credit called Bank Payment Undertaking (BPU). This is basically an undertaking presented by the bank representing the buyer, saying it will pay the required amount at a specific date. The BPU is irretrievable. Lastly, the seller can finance the payment in such a way that the BPU is discounted.
HSBC reportedly has its hands in another pie other than we.trade. Reportedly, Voltron, a blockchain powered by Corda is also being backed by the banking giant.
Kerala Blockchain Academy has been selected as a general partner of R3, an enterprise blockchain software firm working with more than 300 organizations across multiple industries.
A press release said that KBA is an initiative of Government of the Indian state of Kerala, under Indian Institute of Information and Technology and Management – Kerala (IIITM-K), that explores the disruptive potential of the blockchain technology for achieving public good through capacity building to promote Research, Development and Entrepreneurship.
The press release added that KBA has already designed a developer certification program on Corda blockchain, which will be launched next month. This program is reportedly meant for banking and technology professionals and includes training on Corda App development. KBA also provides in-person training on technologies such as Hyperledger and Ethereum.
The KBA came into prominence, early last year, when the Kerala-government run Indian Institute of Technology and Management had partnered with internationally renowned Blockchain Education Network to set up a first-of-its kind Blockchain Academy.
Michael Gord, founder and CEO, MLG Blockchain Consulting, was to launch the website. Gord is also an Advisory Board Member. Saji Gopinath, director at IITM had said, “The academy plans to explore the possibilities of leveraging blockchain technology for public good, capacity building initiatives and promoting disruptive innovations and entrepreneurship with blockchain technology.”
He had added, “Setting up the academy will be definitely a leap forward in Kerala’s efforts in becoming a national leader in the education, adoption and entrepreneurship promotional activities in the new age technological domains.”
Apart from that, last year in April, the Academy was selected as a member of Linux Foundation’s Hyperledger project, which was a huge achievement for India.
KBA was granted an associate membership in the project along with Cambridge University’s Centre for Alternative Finance. As a member, its role would include devising code bases and ledger frameworks of enterprise standards that can be used for easier business transactions around the globe. It might also work on some frameworks that aid in development of market oriented apps and hardware.