The Hyperledger Foundation, renowned for its enterprise-grade blockchain ecosystem, has announced the addition of two prominent members, Citi and the Brazilian Development Bank (BNDES). Alongside this development, the foundation has introduced a new initiative, the Hyperledger Besu Financial Services Working Group, aimed at fostering collaboration within the financial sector.
Citi’s Venture into Blockchain
Citi made waves last year with the introduction of its tokenized deposit offering, Citi Token Services, leveraging a private Ethereum blockchain infrastructure. The bank’s exploration extends beyond Ethereum, including experimentation with technologies like Avalanche. Biser Dimitrov, Global Head of Distributed Ledger Technology Center of Excellence at Citi, expressed the institution’s commitment to shaping the future of financial solutions, underlining the importance of trust, safety, and technological innovation.
Besu’s Growing Adoption in Financial Networks
The inclusion of BNDES further bolsters the utilization of Hyperledger Besu in various regional blockchain development networks, including LACChain, Europe’s EBSI, and Spain’s Alastria network. Notably, Brazil’s Central Bank utilizes Besu as the backbone of its wholesale central bank digital currency (CBDC) initiative, DREX.
Formation of the Besu Financial Services Working Group
The establishment of the Besu Financial Services working group, chaired by the DTCC and comprising industry leaders such as Accenture, Consensys, and Santander, signifies a collaborative effort to drive the development of financial services solutions. Carlos Vivas of the DTCC, serving as the Chair of the working group, emphasized the increasing adoption of Hyperledger Besu in the digital assets sector, necessitating a unified approach to prioritize development initiatives.
Empowering Collaboration in Financial Services
Daniela Barbosa, Executive Director of the Hyperledger Foundation, highlighted the inclusive nature of the Besu Financial Services working group, welcoming participation from a wide array of stakeholders. The initiative enables end-users and engineers from financial institutions to contribute to Besu’s roadmap, ensuring alignment with industry requirements and priorities.
Besu’s Role in Blockchain Adoption
Hyperledger Besu’s popularity stems from its versatility, offering institutions the flexibility to utilize public blockchains or transition seamlessly in the future. As the third most utilized Ethereum software client, Besu plays a pivotal role in institutional blockchain infrastructure. However, concerns regarding its dominance in permissioned Ethereum instances highlight the importance of diversification and risk management strategies within the financial sector.
Overall, the addition of Citi and BNDES, coupled with the launch of the Besu Financial Services working group, underscores Hyperledger’s commitment to advancing blockchain adoption and fostering collaboration within the financial services industry.