IBM is working on a project to create an open-source blockchain for business representatives.

In March, IBM held a series of informal meetings with representatives of the US Federal Reserve. The purpose of these meetings is to study the possibility of creating an open source blockchain for financial services and institutions. Now this work is already underway, the project is being gradually implemented. IBM announced that such a project is being carried out with the involvement of partners, in particular, the Linux community. The project itself was named Open Ledger, and financial giants such as Wells Fargo, JP Morgan, the London Stock Exchange and other organizations will work with it. Also in the Open Ledger Project are the blockchain-start-up Digital Asset, Cisco and Intel.

The project is an alternative blockchain-system, which does not depend on Bitcoin or any other cryptocurrency. Open Ledger will be a developer library, using which companies can create their own solutions based on a distributed registry. If the need arises, the developer can work with the open Bitcoin and Ethereum blockchains, connecting them to his system.

IBM specialists have already contributed - thousands of lines of ready-made code based on many years of development of the company. Digital Asset, mentioned above, introduces Hyperledger (i.e., brand development), its own code and developers.
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Financial organizations, using Open Ledger, will be able to build their own payment and settlement systems. Since the system is distributed, all transactions can be monitored and it will be quite difficult to erase something. Musicians are already using such a system, which allows fans to pay them directly, bypassing recording studios.

Jerry Cuomo, a representative of the project team, says that such a system will allow you to conduct secure transactions, your business will be more secure than using other work patterns. At the same time, IBM says that companies interested in the project are worried that their data will be stored in a rather large community.

Therefore, another of the possibilities offered by the project to its participants is to limit the number of users who have access to the system. For example, a company that decides to develop its own solution based on the Open Ledger blockchain can choose a series of rules defining the circle of users who can conduct transactions. Also, if you wish, you can enter user authentication. In the Bitcoin system, it is impossible to restrict anyone’s rights or access. But in some cases, business needs to do this.

“I'm not too big a fan of cryptocurrency, but I like the idea of ​​using the blockchain as solutions for contracting, channels of payments between partners, delivery, the Internet of things. In addition to Bitcoin, there are many other possibilities for using the blockchain, ”said IBM partner Jerry Cuomo.

As an example, Cuomo leads the purchase of a car. While the buyer signs the documents, the insurance is updated, and the funds are transferred to the appropriate accounts. All this happens in automatic mode, and by the time the documents are ready, all the necessary secondary work has already been done - all that remains is to pick up your car from the passenger compartment.

Systems of different companies can be networked, and then, according to the project developers, most transactions, contract awards and other such things will occur automatically.