BBVA Becomes Latest Bank To Join Hyperledger Project

Spanish banking giant BBVA has today become the latest company to join the Hyperledger project.

The project, which pools together a number of different companies in developing an open-source framework for blockchain applications, already benefits from the expertise and resources of over 100 commercial partners, from fields as diverse as banking to the automotive industry.

BBVA have announced two of its representatives will join the project, as the consortium steers toward more viable models built on blockchain technology.

BBVA is no stranger to blockchain project collaboration, having already announced support for the R3 and the Enterprise Ethereum Alliance consortia, as well as backing exchange Coinbase as part of its January 2015 investment round.

Carl Kuchkovsky, CTO of new digital business at BBVA, said that the move cements the company’s view of Hyperledger as fundamental to the development of a standardized model.

"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."

Hyperledger, a project sponsored by the Linux Foundation, will draw on both coding and commercial expertise from BBVA’s representatives, as they begin to work with delegates from other partners on the project.

The addition of BBVA to the project is just the latest expansion in the Hyperledger lineup in recent months. The project has enjoyed significant growth in terms of the number of contributing members involved, with American Express, the Bank of England, Daimler, the Federal Reserve Bank of Boston and a number of others joining the project in recent months.

The Hyperledger project aims to establish an open-source framework for blockchain development, which could pave the way for improvements to business processes and efficiency gains across a number of industries.

The blockchain, which relies on distributed ledger technology, has been identified as a key development for both private- and public-sector organizations.

It is hoped that projects like Hyperledger will continue to lay the groundwork for industry-specific use cases, as the technology continues to move toward mainstream implementation.