Hyperledger, а cross-sector blockchain project of Linux Foundation, has been backed by South Korean technological giant LG and several crypto companies, including Omnitude, Hyperledger said on Tuesday.
LG entered the project through one of its subsidiaries LG CNS, which provides IT services to major investors including in the banking sector. In May, LG CNS unveiled its own blockchain project, called Monachain, that targets finance, manufacturing and communication sectors with logistic distributed ledger technology (DLT) based offers. It is unclear how and if participation in the Hyperledger will affect Monachain.
“We support numerous industries such as Energy, Transportation, Manufacturing, Healthcare, Banking/Finance, Public Sector and more with our technology expertise in Cloud Computing, AI/Big Data, IoT, Mobile and Blockchain,“ Young Shub Kim, CEO of LG CNS said in a statement.
The other new members of Hyperledger are assurance certificate provider DigiCert as well as several crypto and blockchain-focused companies: Coil, ChainDigit, Chainyard, Omnitude, Tierion and UTRUST. Non-profit organization Kiva, which enables lending money to low-income students and entrepreneurs, also joined the group.
Linux Foundation launched Hyperledger project in 2016. It aims to create open sourced and DLT enabled services to support business transactions. Hyperledger develops several projects like smart contract engines Burrow and Fabric.
The Linux Foundation project has around 250 members including Airbus, IBM, American Express, Intel, and JP Morgan Chase. Its main competitor is David Rutter’s R3 Corda. Started a year earlier, the R3 consortium counts over 200 banks, regulators, trade associations and technology firms with the purpose of building cryptocurrency technology for the financial sector. Some members of the network are Credit Suisse, Royal Bank of Scotland, Deutsche Bank, and ING, among others.