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Wanda Group Joins Hyperledger to Create New Blockchain Standards

Wanda Group Joins Hyperledger to Create New Blockchain Standards

The Linux Foundation’s Hyperledger Project has just announced its partnership with the Chinese conglomerate Wanda Group. As the largest private property developer in the world and the biggest cinema chain operator globally, the firm plans to help create an open blockchain standard with the Linux collaborative project.

Also read: Accenture and EY Making Moves to Grow Blockchain Technology

Chinese Multinational Conglomerate Wanda Group Partners With Hyperledger

Wanda GroupThe Hyperledger Project is on a mission to establish open standards for blockchain technology through cross-industry efforts from a broad array of businesses worldwide. Now, the blockchain-based project has revealed FFan Technology under Wanda Group is now a premier member of the technological collaborative.

Hyperledger has attracted over 80 business members since it launched last year. It aims to build an open source distributed ledger architecture for applications, platforms, and protocols that enhance decentralized business transactions.

Wanda Group will contribute certain aspects of its business resources to help Hyperledger create enterprise-grade distributed ledger technology. Hyperledger Executive Director Brian Behlendorf said:

We’re thrilled to see a world class company like Wanda join the project. Their financial expertise and global reach is sure to be a huge asset, as we continue to bring the Hyperledger community together to advance this new open blockchain infrastructural code base and platform.

Dalian Wanda Group was founded in 1988 and has been a corporate forerunner in the world economy since its inception. In 2015 the company managed assets of 634 billion yuan with Wanda Commercial Properties, Wanda Cultural Industry which owns the cinema chain Hoyts, and also its sports company. Wanda’s FFan Technology division will work with the Hyperledger initiative to accelerate its digital transformation, cloud infrastructure, and its  Smart Experience Solutions product.

Hyperledger’s Cross-Industry Membership Is Key to Forwarding Open Blockchain Standards

hyperledgerThe Chinese conglomerate says it is thrilled to work with Hyperledger as it is one of the largest blockchain projects with a diverse range of industry members. Hyperledger involves industries such as the Internet of Things, finance, healthcare, aeronautics, and several more. Charles Cai, Chief Architect and Senior Advisor to the President of Wanda Financial Group explained the firm looks forward to partnering with the open blockchain initiative, stating:

We’re looking forward to working with Hyperledger and its members as we continue to introduce innovative products and services to accelerate our customers’ digital strategy. As a Premier member of the project, we’ll also be able to show our support for building an open, distributed ledger technology with standards that any industry can benefit from.

Adding a significant real estate and movie industry leader will open more explorative avenues for Hyperledger to apply its distributed ledger technology infrastructure. The project seems to be on a mission to encompass nearly every sector of the economy with its open source protocol. With roughly 84 blockchain use cases known and more concepts being designed daily, the Linux-led initiative is on the fast-track to bolstering this technology forward.

What do you think about the Hyperledger Project partnering with the Wanda Group to promote open blockchain standards? Let us know in the comments below.

Source: Market Wired

Images courtesy of Shutterstock, Wanda Group, Hyperledger.

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Tags in this story
Brian Behlendorf, Charles Cai, FFan Technology, Hyperledger, Wanda Group
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Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.