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Eugene Grygo, Chief Content Officer, FTF News
Many industry observers expect the blockchain / distributed ledger (DLT) technology to produce real results (and tests) over the course of the year, which makes some entrenched fears and some very happy rebels nervous.
In fact, we reported how HSBC internally used a DLT implementation to pay off more than three million foreign currency transactions (FX) and to make over 150,000 payments $ 250 billion.
But before the revolutionary battles begin, I must warn all sides that openness and interoperability must be put in place first.
I've been following technological developments since 1987, including major beta and VHS wars, desktop PC operating systems (Microsoft), supposedly open Unix systems, workstations vs minicomputers, minicomputers vs mainframes, multiple search engines and many web browsers.
The only common aspects of these macho-nerd wars are the truth that these battles have never improved technology, made many lawyers rich and damaged customers at the expense of sellers.
So, I'm more than a little worried that we might be on the edge of "The Blockchain Wars" because many vested interests are behind many blockchain (and so many want to see blockchain fail).
My fear is that we will have successful blockchain / DLT implementations that will compete against each other rather than interoperability to achieve the much-needed efficiency revolution for operations. on securities. Basically, really competing blockchains actually nullify the purpose of having them.
But I could put the wagon in front of the oxen and there could be lodgings made so that an operation of titles can make the fantastic light stumble between blockchain without too many interruptions.
And, despite my worried and neurotic nature, there is a sign that others also think of a baseline of openness and interoperability.
The Blockchain R3 company has just launched "an open blockchain network" that will support an increasing number of users of the Corda network and will be managed by a nonprofit organization independent of the R3.
The Rope network exists to facilitate "the complete interoperability between applications and companies on Rope .This allows to share the data used on one application on another, supporting the" network effect "of the execution of more applications and having more companies on Rope ", according to R3.
The Corda network will allow the transfer of data and digital resources between "community of nodes (corporate networks) and different CorDapps", say the R3 officials.
The goal is to facilitate private ecosystems within organizations "or with trusted business partners, while remaining interoperable with the wider Corda community where appropriate". The non-profit government agency, the Corda Network Foundation, will be composed of members of the Corda Network, including B3i, Capgemini, Natixis and SEB, already supporters of this effort. The Board of Trustees will be composed of network directors and elected by members of the Corda Network.
"Participants will be able to build their systems to meet their exact needs and ensure the security of their data while still enjoying the benefits of a universal network," says R3 CEO David E. Rutter, in a statement prepared.
We do not yet know what other blockchains are ready for prime time and if other blockchain technology companies are willing to really embrace openness. However, the HSBC news and the R3 move seem to be steps in the right direction.
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