Blockchain Lures IBM, Wells Fargo for Transaction Network
- Linux Foundation pulls together titans to advance technology
- Will `transform the way business transactions are conducted'
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Blockchain, the bitcoin-linked software ledger that’s touted as a way to speed up and simplify how transactions are recorded, just won the backing of finance and technology titans including IBM, Wells Fargo & Co. and London Stock Exchange Group Plc.
Working with the Linux Foundation, which advocates developing open-source software, the group aims to create a public network that lets blockchain applications built on top of it communicate with each other. IBM is contributing tens of thousands of lines of existing code to the project, as well as dedicated developers and intellectual property, according to a statement.