Governments and major financial institutions are actively building open-source blockchain solutions on the Linux Foundation’s Hyperledger tools.
Open-source governance and development tools remain prerequisites for governments, organizations and financial institutions that want to leverage blockchain technology.
Open-source blockchain infrastructure like Hyperledger Besu operates on Ethereum, but enables public and private permissioned use cases. Source: Daniela Barbosa, Hyperledger Foundation. “Nobody wants to build new rails on code that one company owns. If that company goes out of business or changes its mind and says we’re no longer open source, you must pay license fees to continue using what you built.”
“That’s what the foundation does; we bring that open governance and development. Banks who compete with one another can come and collaborate. Companies like Accenture and IBM could collaborate on things for the community,” Barbosa explained.She added that this is an essential long-term consideration for the financial services industry in the event that regulators begin to probe who owns what and makes changes to the underlying code.
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