Red Hat, the world’s leading provider of open source solutions, recently introduced their OpenShift Blockchain Initiative in an attempt to bridge the gap between traditional finance and blockchain technology.
Also read: Top 10 Biggest Bitcoin Villains to Date
OpenShift Blockchain Initiative for Fintech Players
OpenShift announced their Dedicated initiative at the end of 2015. The main purpose of this initiative was to combine Red Hat’s engineer and support teams with a platform for container application deployment. Moreover, OpenShift Dedicated puts a lot of focus on the Docker container, which gives Fintech startups frictionless access to blockchain solutions.
Using the open source nature of blockchain services will spur future innovation and development in the space. Creating new financial applications to streamline day-to-day business operations can give early adopters of this technology a competitive advantage. Additionally, the blockchain will bring more transparency to the financial sector, which can prove to be quite beneficial as well.
Red Hat has decided to step up their game and launch the OpenShift Blockchain Initiative, which will bring the OpenShift Dedicated environment to Fintech startups and enterprises. Moreover, partners will receive access to dedicated training workshops, enablement materials, and the OpenShift Commons membership.
ConsenSys Enterprise Co-founder Andrew Keys stated:
We are pleased to partner with Red Hat and have initially deployed BlockApps STRATO, our Ethereum Blockchain infrastructure on OpenShift. This platform supports the development of smart contract solutions and can allow developers to build and deploy their blockchain applications very quickly. The collaboration was a logical direction and BlockApps is incredibly excited to work with Red Hat as the first blockchain provider on the OpenShift platform.
It may come as a surprise to some people to see Red Hat embracing the Ethereum blockchain for their OpenShift Blockchain initiative. In doing so, the organization follows in the footsteps of Microsoft Azure, who have taken a similar liking to what Ethereum has to offer. Although the press release mentions smart contract technology as only being available on the Ethereum blockchain, there are ways to use this concept on the Bitcoin blockchain as well.
A Bigger Commitment to Blockchain Technology
It is not the first time Red Hat sets out on a mission to promote the usage and development of the blockchain. Keeping in mind how the organization is part of the Hyperledger Project, it seems clear bringing blockchain technology to established and upcoming players in the financial ecosystem is of great importance to Red Hat.
Red Hat and OpenShift VP and GM Ashesh Badani explained:
“As enterprises begin to explore the use of blockchain application software, OpenShift Dedicated can provide a well-suited platform for a streamlined, more secure development environment. The hosted container application platform environment, combined with Red Hat’s support and enablement training, offers partners and developers interested in building blockchain applications greater confidence that they can move toward these cloud-based services.”
Advancing blockchain technology through an open and decentralized platform is an excellent way to spur innovation in this space. Red Hat will continue to contribute to the development of distributed ledgers, as they realize this technology has a lot of potential within and beyond the financial industry.
What are your thoughts on the OpenShift Blockchain Initiative? What type of development can we expect from the Red Hat initiative? Let us know in the comments below!
Source: Business Wire
Images courtesy of Red Hat, Hyperledger, Shutterstock