Will their motto be “a blockchain for me but not for thee?”
The list of contributors to this new Blockchain foundation is a who’s who of tech and finance.
Early commitments to this work come from Accenture, ANZ Bank, Cisco, CLS, Credits, 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.
But it’s clear that anything that arises from this will not be:
- Censorship resistant: Not if you need to comply with global and National financial regulations.
- Immutable : Financial Companies will never accept the permanency of their errors.
- Distributed. Not if participants have different levels of participation. Is IBM or JPM Morgan going to allow an an upstart in China or Banladesh to participate at the same level?
So is this really a Blockchain?
New open ledger project to transform the way business transactions are conducted around the world