BBVA today became an official member of Hyperledger, an open-source collaborative effort to advance the use of blockchain in different economic and corporate sectors. Hosted by the Linux Foundation, this international initiative brings together a large group of companies working in finance, technology, manufacturing and the Internet of Things. By joining Hyperledger, BBVA also became a member of The Linux Foundation.
Hyperledger is an open-source project specializing in blockchain that attempts to make the different blockchain technologies compatible and ensure their interoperability. As part of The Linux Foundation, the project stands out for its solid governance policy and a large number of international projects with many different case uses. Some of the best-known members of Hyperledger are American Express, the Bank of England, Airbus, SAP, Wells Fargo and Thomson Reuters.
“Being a Hyperledger partner is an important step forward in BBVA’s blockchain strategy, as it allows us to participate in the most relevant open-source communities in the industry and collaborate with companies from a wide range of sectors,” said Carlos Kuchkovsky, New Digital Business CTO, BBVA. “We believe that Hyperledger will be fundamental to ensuring standardization and interoperability in the different technologies and platforms that will make blockchain a powerful tool that will transform business processes and social relationships.”
The agreement announced today consolidates BBVA’s position, as the bank now belongs to the top consortiums on blockchain and so-called distributed ledgers technologies. BBVA is already a member of R3, which is also participating in Hyperledger, and of the Ethereum Enterprise Alliance, which supports the creation of blockchain standards. Furthermore, Hyperledger plays a very active role in defining examples of blockchain uses for financial services and participates in many different Proofs of Concept (PoC).
“As a pioneer in global financial services with 70 million customers, we’re thrilled to see BBVA join Hyperledger,” said Brian Behlendorf, Executive Director, Hyperledger. “We look forward to working with them to transform business processes with open blockchain technologies and we know their expertise will be invaluable as we move to production deployments later this year.”
The agreement with Hyperledger will allow BBVA to share code, knowledge and experiences with the open-source communities, access to Hyperledger engineers’ support and the organization’s projects, as well as possible partnerships with other members. BBVA will have two representatives in Hyperledger.