Hyperledger Partners with Citi and Forms Besu Working Group Headed by DTCC

Hyperledger Foundation Onboards New Members and Creates Financial Services Working Group

The Hyperledger Foundation, a leading developer of open-source blockchain software, has recently welcomed two new members and established the Hyperledger Besu Financial Services Working Group. This group aims to enhance collaboration between service developers and organizational users.

Citi and the Brazilian Development Bank (BNDES) have joined the foundation as new members, bringing the total number of members to 133. These members consist of banks, central banks, tech companies, nonprofits, educational institutions, and retailers. According to executive director Daniela Barbosa, members can support the foundation financially or through “sweat equity.” This support is crucial for the foundation’s 13 projects, which produce enterprise-grade code.

Barbosa also mentioned that a significant portion of Hyperledger’s funding goes towards providing training for expert users. As the foundation’s products gain more adoption, the demand for skilled users has increased.

Hyperledger Besu: A Java-Based Software for Web 3.0

One of Hyperledger’s flagship projects is Besu, a Java-based software that features an extractable implementation of the Ethereum Virtual Machine (EVM). This project was initially developed by Consensys, which contributed it to the Hyperledger Foundation in 2019. Barbosa also noted that all 13 Hyperledger projects were contributed by various companies.

As the world moves towards the next generation of the internet, commonly known as Web 3.0, questions arise about the role of blockchain technology. Some wonder if blockchain is an essential component of Web 3.0, while others are curious about the differences between Web 1.0, 2.0, and 3.0. Additionally, there is a growing interest in the crypto industry, with countries like Japan and the UK seeing an increase in the adoption of cryptocurrencies by banks. As the world continues to evolve, it will be exciting to see how blockchain and cryptocurrencies shape the future of finance and technology.

Open-Source Foundations and the Benefits of Contributing Code

When a company wants to avoid being the sole developer of software, it is common for them to contribute code to an open-source foundation. By open-sourcing a project, development can be accelerated and a larger ecosystem can be formed. This is evident in the 35 vendors that Hyperledger works with, as noted by Barbosa. She explains that a diverse range of vendors and partners is necessary for a healthy marketplace, and open sourcing allows for collaboration on noncommercial features of software.

The New Besu Working Group and its Members

The Depository Trust & Clearing Corporation (DTCC) will chair the new Besu working group, as they are already a premier-level member of the foundation. Other members, including Accenture, Banco Central do Brasil, Consensys, Citi, Japan Securities Clearing Corporation, Mastercard, Santander, and Visa, also contribute to the group.

The Popularity and Uncertain Future of Hyperledger Besu

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% mentioned using it. However, the tokenization landscape is constantly changing and difficult to predict, as Blockdaemon warns. They state that the landscape is “splintered” and “often outright hidden,” making it impossible to predict what it will look like in 12-18 months.

The Hyperledger Foundation, which is a part of the Linux Foundation, is at the forefront of the emerging technology known as web 3.0. This technology, also referred to as the metaverse, is revolutionizing the way we interact with the internet. With the introduction of blockchain and cryptocurrencies, such as the crypto.com visa card, the financial sector is also being transformed. This is evident in countries like the UK and Japan, where traditional banks are beginning to embrace the use of crypto. The differences between web 1.0, 2.0, and 3.0 are significant, as web 3.0 offers a more decentralized and user-controlled experience compared to its predecessors. However, with the constant evolution of technology, the differences between web 1.0, 2.0, 3.0, and even 4.0 are becoming more blurred.