The Importance of Open-Source Financial Infrastructure: Insights from Hyperledger

Governments, organizations, and financial institutions looking to adopt blockchain technology must prioritize open-source governance and development tools. In an exclusive interview with Cointelegraph at Paris Blockchain Week, Daniela Barbosa, the executive director of Hyperledger and general manager of the Linux Foundation, emphasized the importance of open-source blockchain technology for global institutions. Barbosa stated that the successful implementation of critical financial infrastructure on blockchain protocols relies on the underlying network being open-source and governed openly. She highlighted the appeal of Hyperledger, as it operates under the Linux Foundation with open governance, open development, and the support of major companies, governments, and organizations. Barbosa also stressed the significance of having an active community of diverse maintainers and code contributors. She further explained that the Linux Foundation focuses on fostering open governance and the development of tools, using the Linux Kernel as an example of the widespread use of open-source infrastructure. Barbosa noted that while some organizations have made efforts to open-source their software and code, it is crucial to ensure that the tools are openly developed and governed. She emphasized the role of the foundation in facilitating collaboration between competing banks and companies in the community. Barbosa also highlighted the long-term importance of open governance and development for the financial services industry, particularly in the face of regulatory scrutiny and potential changes to the underlying code. Discussing Hyperledger’s blockchain tools, Barbosa mentioned the significance of Hyperledger Besu, an open-source Java Ethereum execution client that offers public and private functionality for running Ethereum smart contracts and token standards. She explained that the interest in the Ethereum ecosystem led to the collaboration between Hyperledger Foundation and the Ethereum Enterprise Alliance in 2019. Barbosa cited data showing that 12% of Ethereum mainnet users run Hyperledger Besu as an execution client, with Consensys Linea and Hedera Hashgraph also utilizing the client. Overall, Barbosa emphasized the importance of open-source governance and development tools for the successful adoption of blockchain technology by global institutions.