Three blockchain consortia you should know about
An increasing number of industries realize the potential of the blockchain. Organizations grow interested in using it. Thus, organizations with similar goals come together. They form consortiums. The success of these consortiums will pave the future for the technology.
In 2008, Satoshi Nakamoto conceptualized the technology that is known as blockchain. On the blockchain, transactions are grouped together in blocks. The validity of all the transactions in a block is checked by various consensus algorithm. The consensus algorithm varies based on the blockchain. If valid, it is added to a chain of previously approved blocks. Bitcoin was the first project using a blockchain. Since then, many flaws of the existing technology have been revealed. They have led to the formation of new blockchains with different features. Three of the most relevant blockchains are Ethereum, Hyperledger, and Corda.
Ethereum is a permissionless public blockchain. It facilitates the ability to write smart contracts dApps. dApps are decentralized applications written in Solidity. Hyperledger is a permissioned, shared ledger. Its participants are managed by the Linux Foundation. Like Hyperledger, Corda is a permissioned ledger. It is a global logic ledger allowing all economic actors to interact. It can manage agreements in a secure, consistent, reliable, private way.
The technologies have been adopted by large and small organizations alike. This has led to the formation of three large blockchain consortiums. The future of the blockchain technology and its mainstream adoption depends on these consortiums.
Hyperledger is a permissioned blockchain created by the Linux Foundation. There are currently five business blockchain frameworks: Burrow, Fabric, Indy, Iroha, and Sawtooth. They have also developed five tools: Caliper, Cello, Composer, Explorer, and Quilt. Hyperledger focusses on industries whose operations are independent of one another. It does, however, provide an addressing ledger. It can be used to discover and use transactions and smart contracts on other ledgers.
The Hyperledger consortium is divided into four sections. It has premier members, general members, associate members, and associate academia.
There are 18 premier members of the Hyperledger consortium. The organizations include Accenture, Airbus, American express, Baidu, Change Healthcare, Cisco, Deutsche Bank, Daimler, Digital Assets, DTCC, Fujitsu, Hitachi, IBM, Intel, J.P.Morgan, NEC, SAP, and Tradeshift. The consortium has 197 general members, 33 associate members, and 14 associate academia.
R3 has created Corda that is a blockchain platform for business transactions. It has an open source and an enterprise version. In Corda, everyone sees the data that pertains to them. In the enterprise version, it is governed by the R3 organization.
The consortium is formed of over 200 organizations. They are from various industries and support Corda in different ways. For example, Corda is integrating with technology firms such as Microsoft. Organizations such as Calypso, Finastra, and SIA are helping with building end-user applications for Corda. They have financial partners in ING, Wells Fargo, ABN AMRO and advisory partners in Accenture, EY and Bain.
Enterprise Ethereum Alliance
Ethereum is an open source blockchain. Smart contracts in Ethereum are written in Solidity. They execute in the Ethereum Virtual Machine (EVM). The Enterprise Ethereum Alliance is an alliance built to customize Ethereum for industrial usage. Its goal is to create enterprise-grade software. This software needs to handle high speeds and complexity.
There are four different membership classes. Class A represents members that make up the EEA board of directors. Class B represents regular members. Class C represents the legal practitioners. Class D are nonprofit organizations.
There are 11 board members. They are Accenture, Santander, BNY Mellon, BlockApps, CME Group, Consensys, IC3, Intel, J.P.Morgan, Microsoft and Nuco.
Hyperledger, Ethereum, and Corda are the top names in the blockchain space. They have brought in big market players from various industries. Each is backed by a consortium of organizations. They have convinced companies to incorporate blockchain into their daily operations. The success and future of the technology depend on the success of these consortiums.
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