IBM’s Chris Ferris and Digital Asset Holdings’s Dan O’Prey detail the Linux Foundation® Hyperledger® and explain why blockchain technology holds huge potential to transform just about every industry.

 

In this video:

  • Chris Ferris, IBM Distinguished Engineer and CTO of Industry Standards in the Software Group
  • Dan O’Prey, CMO at Digital Asset Holdings and formerly co-founder and CEO of Hyperledger®
At the Linux Foundation®’s Collaboration Summit in late March 2016, IBM’s CTO of Industry Standards Chris Ferris and Digital Asset Holdings’s CMO Dan O’Prey joined forces to explain how …

“… a whole bunch of banks, a whole bunch of technology firms are going to get together and literally change the nature of money and trust on the Internet.”

Hyperledger® is a collaborative effort designed to advance blockchain technology by identifying and addressing the necessary features that can be captured in a cross-industry open standard for distributed ledgers. The thought leaders behind the project consider the peer-to-peer distributed ledger technology of blockchain to be the next generation foundation for transactional applications, one that establishes trust, accountability, and transparency while reducing the cost and complexity of business processes. They think of blockchain as an operating system for interactions.


doprey
O’Prey asks the question “Why not use a traditional database?”

 

“They’re centrally administered. One entity can modify data in that database, they can delete rows, they can even censor data from getting in there in the first place. This creates a lot of challenges when you’re interacting with a lot of different companies that are competitors and that don’t trust each other.”


cferris
Ferris takes us away from the central spotlight of blockchain’s potential use case – the world of financial transactions – and poses a scenario that may be even more critical to our everyday well-being: The security of our food-distribution and -sourcing supply chain:

“There’s a single source of truth that everybody works from. [For example,] there is an awful lot of interest in supply chain transparency and provenance [in the food source industry]. Blockchain enables us to do this in a secure way, in a way that is tamper-proof; something that’s verifiable [where] we can prevent fraud.”

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