IBM (1)When IBM revealed it would lend its support to the Open Ledger Project in its December announcement, it was followed by a wave of popular press proclaiming that the initiative would become a new blockchain for business, one perhaps better suited to enterprises than alternatives like bitcoin.

Organized under the umbrella of the Linux Foundation, the Open Ledger Project attracted banks, financial institutions, technology firms, as well as two blockchain startups based in New York, Digital Asset Holdings and R3CEV, the consortium that has attracted 40 major banks.

IBM said that development will take place over a period of years, but expressed hope that by 2017 companies will begin developing POCs and commercial-scale products based on the Open Ledger Project.