Hyperledger Foundation, the open-source blockchain software developer, has recently welcomed two new members, Citi and the Brazilian Development Bank (BNDES), and has established the Hyperledger Besu Financial Services Working Group. This working group aims to enhance collaboration between service developers and organizational users.
These new members join the existing 133 members of the foundation, which include banks, central banks, tech firms, nonprofits, educational institutions, and retailers. According to Daniela Barbosa, the executive director of Hyperledger Foundation, members can provide support financially or through their expertise, ensuring the continuous development of the foundation’s 13 projects. The code produced by these projects is of enterprise-grade quality.
Barbosa also highlighted that a significant portion of the financing received by Hyperledger is allocated to training expert users. As the foundation’s products gain more traction, there is a growing demand for individuals skilled in utilizing them.
Hyperledger Besu is a Java-based software that incorporates the Ethereum Virtual Machine (EVM). It was initially developed by Consensys, which contributed it to the Hyperledger Foundation in 2019. Barbosa mentioned that all 13 projects under Hyperledger were contributed by various companies.
Contributing code to an open-source foundation is a common practice for companies that do not wish to be the sole developers of software. By open-sourcing a project, development can be accelerated, and a larger ecosystem can be established. Barbosa emphasized that Hyperledger collaborates with 35 vendors, emphasizing the need for a diverse range of vendors and partners to foster a healthy marketplace. She also pointed out that certain projects within Hyperledger, such as Besu and Fabric, have overlapping features. Open sourcing allows companies to collaborate on the development of noncommercial aspects of the software.
The new Hyperledger Besu working group will be led by the Depository Trust & Clearing Corporation (DTCC), an existing premier-level member of the foundation. Other members of the working group, some of whom are not foundation members, include Accenture, Banco Central do Brasil, Consensys, Citi, Japan Securities Clearing Corporation, Mastercard, Santander, and Visa.
According to Blockdaemon’s report in early 2024, Hyperledger Besu is the most widely adopted software for asset tokenization. In a survey of 92 firms, over 40% of them mentioned using it. Blockdaemon also stated that the tokenization landscape is fragmented and often difficult to navigate, making it impossible to predict its shape in the next 12-18 months.
It is important to note that the Hyperledger Foundation is a part of the Linux Foundation.
Magazine: 6 Questions for Daniela Barbosa of Hyperledger