Ten new companies will apply collaborative efforts to develop a cross-industry open standard for distributed ledgers.

The Linux Foundation, a founder of the Hyperledger Project, has announced today that new members have joined the Project. The list of ten new companies includes Blockstream, Bloq, eVue Digital Labs, Gem, itBit, Milligan Partners, Montran Labs, Ribbit.me, Tequa Creek Holdings and Thomson Reuters.

The mission of the Hyperledger Project is to apply joint efforts to develop and establish an open, distributed ledger platform that will satisfy a variety of use cases across multiple industries.

“There is no other effort advancing an open blockchain with this level of broad industry representation and level of leadership,” said Jim Zemlin, executive director at The Linux Foundation. “The Hyperledger Project is among our fastest growing projects at The Linux Foundation. The opportunity is great. This leadership team and the community investments among members across industries put the project in the best position possible to accomplish its mission.”

Distributed ledger technology, such as blockchain, can be leveraged in financial and other spheres due to its transparent and decentralized nature. Creation of cross-industry open standard for distributed ledgers – primary goal of the Hyperledger Project – will enable cost-effective and secure way to track and trade information. According to the recent researches, the investment in the blockchain technology by financial institutions alone will reach $400 million by 2019.

“The Hyperledger Project is gaining traction on a daily basis, displaying how vital this effort is in advancing distributed ledger technology,” said Blythe Masters, CEO of Digital Asset Holdings and Board chair for the Hyperledger Project. “Uniting the industry to drive this initiative forward is paramount to the success of distributed ledger technology. The Linux Foundation and its members are collaborating on an open source infrastructure that will increase privacy and scalability, among many other benefits.”

The Hyperledger Project has also filled key leadership positions and now the results of the Board of Directors and Technical Steering Committee elections are available in the official press release.

The companies, that have just joined the initiative, understand the importance of the Hyperledger Project for the whole financial industry.

“As a financial services company that provides blockchain-based solutions, we understand the technology gaps that need to be filled to ensure enterprise demands are met,” says Charles Cascarilla, itBit’s co-founder and CEO. “Open source projects like the Hyperledger Project unite the world’s leading companies to address critical needs and advance a technology for greater adoption.”

Robin Bayer, general manager at Tequa Creek Holdings, echoes: “In the future, as multiple companies rapidly collaborate to solve customer problems, providing decentralized provability of transactions between these partners is essential for them to trust each other. We’re excited to be part of this open source community and contribute to the development of leading edge blockchain technologies.”

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