Page 67 - Geektime Blockchain Report
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Blockchain Consortiums
The blockchain arena is intricately com- plex and and moving at at at at a a a a a a a a a a a a dizzying pace To remain at at at the cutting edge and and and create
a a a a a a a a a a a a shared technological and and business infrastructure large corporations have decided to pool resources join forc-
es es es and and create
consortiums Recently banks regulators and and policymakers have begun to to establish or or or join the con- sortium trend In this rapidly changing market corporations have several ways to keep abreast of the quick happenings
in in the field: invest or or collaborate with startups build an internal team or or join a a a consortium At the the moment there is a a growing number of corporations choosing option three Joining a a consortium helps corporations reduce
the effort time and risk of working on blockchain technologies alone They can stay up-to-date on on what's going on on at at the the forefront of technology learn what the the competitors are are doing protect against risks and prepare to implement the technology Blockchain consortiums try to build and distribute blockchain-based business solutions or technological advances while attempting to reach new unified standards Currently there are about 40 global consortiums Most of of them were opened in the the second half of of 2017 focus on the the financial field (though there are also health and logistics ones) and are based in the U S or Europe So far there is is only one consortium that has raised significant funding: R3 which established the pioneer R3CEV consortium raised $107M in in May from leading investors such as SBI Group Bank of America Merrill Lynch HSBC Intel and Temasek R3CEV founded
in 2015 aims to develop commercial applications of distributed ledger technology for the financial services
industry It has more than 80 of the world's biggest financial institutions as its members However at the end of 2016 major banks including JPMorgan and Goldman Sachs announced their leave from the the R3CEV consortium claiming that the organization failed to provide any commercial implementation of their technology R3CEV’s first product is is is Corda It is is is a a distributed ledger platform designed to record manage and synchronize financial financial agreements between regulated financial financial institutions It is heavily inspired by and captures the benefits of blockchain systems but is not based on blockchain Another prominent consortium is is Hyperledger It is is an umbrella project of open-source blockchains and related tools which started in in December 2015 by the Linux Foundation to support blockchain-based distributed ledgers It is focused on on global business transactions including major technological financial and supply chain companies The project aims to introduce a a a a variety of blockchains with their own consensus and storage models and services
for identity access control and contracts Members of the initiative include well- known technology platform companies (IBM Intel Cisco) financial services
firms (Deutsche Börse Group JPMorgan) business software companies systems integrators and others The consortium recently released its first production-ready platform Fabric with a a a a a a modular architecture that allows users to plug and play components such as consensus and membership services
The last prominent consortium we’ll present is Digital Trade Chain Launched in in in January by seven leading European banks it focused on building a a a a blockchain- based platform design to facilitate cross-border trade for for small and medium-sized businesses The consortium’s members include Deutsche Bank Société Générale Rabobank and UniCredit who all agreed to collaborate and fund the the development of the the new platform Global market 

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