Several major tech and banking companies are looking to transform Bitcoin into something more reliable and much more useful. In order to do that, they will be building their own blockchain - the global online ledger that underpins the bitcoin digital currency.
There are some powerful names among the companies teaming up to do this – Wired has counted IBM, Intel, and Cisco as well as the London Stock Exchange Group and big-name banks JP Morgan, Wells Fargo, and State Street.
All of them will be overseen by the non-profit Linux Foundation.
The project, named Open Ledger Project, aims to reimagine the blockchain. It will offer a more secure, more reliable, more transparent, and more automatic way of exchanging money, securities, and other assets. According to Jerry Cuomo, vice president and chief technology officer of IBM’s software group, this is something they need, as the current blockchain is far from ideal.
“The current blockchain is a great design pattern. Now, how do we make that real for business? What are the key attributes needed to make that happen? That’s what this organization is about,” he said.
According to Fortune, IBM has invested some serious effort. It is contributing thousands of lines of existing code based on its research into the blockchain based on a years-long research effort, and Wired says it is IBM who is leading the creation of this group effort.
It is important to notice that the companies are not trying to build a new cryptocurrency, and no one business will run it.