Credits, a blockchain startup, is joining forces with technology and banking companies such as IBM, J.P. Morgan and Intel in the Linux Foundation Open Ledger Project.
The Linux Foundation Open Ledger Project will develop an open-source distributed ledger framework with a set of principles and approaches to further the use of blockchain technology in society. This will identify innovative uses of blockchains and provide enterprises with the tools to build new solutions.
The project brings together major influencers from financial services with technology companies to explore how blockchain technology applications can be the solution to many existing challenges the banking sector faces.
Other founding members include Accenture, ANZ Bank, Cisco, CLS, Deutsche Börse, Digital Asset Holdings, DTCC, Fujitsu Limited, IC3, IBM, Intel, J.P. Morgan, London Stock Exchange Group, Mitsubishi UFJ Financial Group (MUFG), R3, State Street, SWIFT, VMware and Wells Fargo.
Commenting on the project, Nick Williamson, CEO & Founder of Credits said, “We are delighted to be joining this exciting initiative as a founding member. Our successful implementations of the Credits platform, together with our experience, will bring value to the initiative. By bringing together parties from the financial services industry with experts and developers from the technology sector, the project will be able to address the challenges faced when applying blockchain technology to real-world products and services.”
The Linux Foundation protects and promotes the ideals of collaboration through the development of new technologies, and shares these ideals to power any endeavour aiming to make the future a better place in which to live.
Credits was founded in 2014 by Nick Williamson and Eric Benz and is based in both the Isle of Man and at Level39, the FinTech accelerator in London’s Canary Wharf.
Credits is best known for its work with the Isle of Man government – building the first government service running on a blockchain – and its work with several Central Securities Depositories involving both clearing and settlement and securities reference data.
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