According to siliconangle.com, the project aims at developing a new enterprise-grade, open-source distributed ledger framework based on the existing blockchain, in a bid to enable developers to focus on building industry-specific applications, platforms and hardware systems to support business transactions from the resultant open source code.
Initial members of the initiative include Accenture, ANZ Bank, Cisco, CLS, Credits, Deutsche Börse, Digital Asset Holdings, DTCC, Fujitsu, IC3, IBM, Intel, J.P. Morgan, London Stock Exchange Group, Mitsubishi UFJ Financial Group (MFUG), R3, State Street, SWIFT, VMware and Wells Fargo.
As part of the initiative, participating companies that have already been working on their own blockchain versions or derivatives will be contributing their code, including IBM who will be handing over tens of thousands of lines of its existing codebase and its corresponding intellectual property, and the R3 group who is contributing a new financial transaction architectural framework designed to specifically meet the requirements of its global bank members and other financial institutions.
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