The Hyperledger Foundation, an open-source blockchain software developer, has recently welcomed two new members and established the Hyperledger Besu Financial Services Working Group. This working group aims to foster collaboration between service developers and organizational users.
Citi and the Brazilian Development Bank (BNDES) are the latest additions to the foundation, joining a total of 133 current members that include banks, central banks, tech firms, nonprofits, educational institutions, and retailers. According to executive director Daniela Barbosa, these members can support the foundation either financially or through their expertise. This support is crucial for the foundation’s 13 ongoing projects, which produce high-quality code suitable for enterprise use.
Barbosa highlighted that a significant portion of the funding received by Hyperledger is allocated to training expert users who are in high demand due to the growing adoption of the foundation’s products.
Hyperledger Besu is a Java-based software that incorporates the Ethereum Virtual Machine (EVM). It was originally developed by Consensys and contributed to the Hyperledger Foundation in 2019. All 13 projects within Hyperledger have been contributed by various companies, according to Barbosa.
Contributing code to an open-source foundation is a common practice when a company does not want to be the sole developer of software. This approach accelerates development and encourages the formation of a larger ecosystem. Barbosa emphasized that Hyperledger works with 35 vendors, and it is essential for Besu users to have a diverse range of vendors and partners to ensure a healthy marketplace. Open sourcing enables companies to collaborate on the development of noncommercial features of software.
The newly formed Besu working group will be led by the Depository Trust & Clearing Corporation (DTCC), an existing premier-level member of the foundation. Other members of the working group include Accenture, Banco Central do Brasil, Consensys, Citi, Japan Securities Clearing Corporation, Mastercard, Santander, and Visa.
According to Blockdaemon, Hyperledger Besu is the most widely adopted software for asset tokenization as reported in early 2024. A survey conducted by Blockdaemon with 92 firms revealed that over 40% of them mentioned Besu. However, Blockdaemon also warned that the tokenization landscape is fragmented and unpredictable in the next 12-18 months.
It is important to note that the Hyperledger Foundation is a part of the Linux Foundation.