Credits joins industry leaders and Linux Foundation to advance blockchain
17th December 2015
Credits, the Level39 member which creates a shared trusted ledger between trading counterparties, has teamed up with some of the world’s most influential technology corporates and the Linux Foundation to advance blockchain technology.
The Linux Foundation, a nonprofit which advocates mass innovation through the power of open source, is collaborating with global institutions including IBM, Intel, Fujitsu, Cisco, SWIFT and our very own member Credits.
The project will develop an enterprise grade, open source distributed ledger framework and free developers to focus on building robust, industry-specific applications, platforms and hardware systems to support business transactions.
Blockchain is a digital technology for recording and verifying transactions. The distributed ledger is a permanent, secure tool that makes it easier to create cost-efficient business networks without requiring a centralised point of control.
With distributed ledgers, virtually anything of value can be tracked and traded. The application of this emerging technology is showing great promise in the enterprise. For example, it allows securities to be settled in minutes instead of days. It can be used to help companies manage the flow of goods and related payments or enable manufacturers to share production logs with OEMs and regulators to reduce product recalls.
This collaboration is expected to help identify and address important features and currently missing requirements for a cross-industry open standard for distributed ledgers that can transform the way business transactions are conducted around the world.
This week, Credits was also mentioned in Magister Advisors survey of Bitcoin and Blockchain Global Leaders as being ‘one of the few European Blockchain companies that are gaining momentum’ and was recently named as one of the UKs 25 Hottest FinTech Startups.