IBM launches open-source blockchain

Reports by Wired and Fortune indicate that IBM’s project will be called the Open Ledger Project, an alternative blockchain system to be overseen by the Linux Foundation, the nonprofit consortium that runs the open-source operating system.

The Open Ledger Project is described as a development library that will allow businesses to build custom distributed ledger solutions, without needing to rely on open, public blockchains such as those offered by Bitcoin and Ethereum.

Companies involved in the effort include Accenture, ANZ Bank, CLS, Credits, Digital Asset, Fujitsu, Initiative for CryptoCurrencies and Contracts, Mitsubishi UFJ Financial Group, State Street, SWIFT, VMware and Wells Fargo.
Of the companies affiliated with the Open Ledger Project, Wired reported that only DAH and IBM are contributing to the development efforts, though as an open-source project, it will be open to any and all participants.