The Linux Foundation's new decentralized trust is designed to strengthen the development and innovation of the foundation's blockchain projects.
Called the LF Decentralized Trust, the Linux Foundation’s new trust was launched on Tuesday, June 25, in response to the need to create a space to support today’s rapidly growing decentralized technology landscape.
The Foundation highlighted that, through this new organization, it will provide different tools and services to strengthen the development of its projects based on blockchain and DLT technology. In addition, it indicated that open source software developers and, in general, the technological communities that are part of its ecosystem, will have a space oriented towards decentralized systems of distributed trust.
Demand for decentralized solutions is growing
As the blockchain industry develops, projects and their builders are increasingly adopting or integrating this technology, increasing the need to create decentralized solutions that are up to date with new technological demands and requirements.
According to the Linux Foundation, the LF Decentralized Trust “will serve as a neutral home for the open development of a broad range of accounting, identity, security, interoperability, scaling, deployment, and related technologies.”
This new organization will encompass Hyperledger’s growing portfolio of DLT projects, as well as new open source software projects, communities, standards and specifications being developed to enrich and strengthen the decentralized technology landscape.
The growing demand for blockchain-based decentralized solutions is rapidly reshaping traditional markets, the Foundation noted, which in turn is driving the industry's future growth prospects.
The release, the organization emphasized that blockchain technology is unlocking new market opportunities in innovative sectors such as digital identity, decentralized financial solutions, and asset tokenization. In fact, the latter sector, according to Boston Consulting Group data, could experience significant growth over the next 6 years and potentially reach a market value of $16 trillion by 2030.
Therefore, the LF Decentralized Trust is aimed at strengthening emerging tokenized asset classes and networks, as well as modernizing the core infrastructure of various fields of society, including finance, commerce, healthcare, government, among others.
“With LF Decentralized Trust, we are expanding our commitment to open source innovation by embracing a broader range of decentralized technologies… This new, elevated foundation will enable the community to build a more robust ecosystem that drives transparency, security, and efficiency in global infrastructure,” explained Jim Zemlin, Executive Director of the Linux Foundation.
The Linux Foundation's contribution to the blockchain industry and decentralization
For the past several years, the Linux Foundation has been focusing on advancing the development of blockchain technology, as well as the development of decentralized identity solutions and other related technologies through the Hyperledger community, said Daniela Barbosa, the Foundation’s general manager of blockchain and identity. All of this, according to Barbosa, has allowed the Foundation to contribute substantially to the decentralized systems that will underpin the global digital economy.
Now, through LF Decentralized Trust, the Foundation will be able to play an even more significant role in the development of open source for decentralized distributed trust systems, thus maintaining its commitment to technological advancement and growth.
Leaders of major blockchain industry projects such as Chainlink, Hedera, and Stellar, as well as major global companies and institutions such as Citi, Visa, Deutsche Telekom, and Accenture, among others, praised the establishment of LF Decentralized Trust as a key element in expanding the innovation of blockchain and other decentralized technologies and driving impactful change in the world.
