Linux Foundation News
One of the most powerful organizations in the open-source world faces questions over why it quietly did away with two seats on its board designated for non-corporate members.
As of Jan. 15, the Linux Foundation’s bylaws were changed to remove a provision that allowed for the election of two board members by the group’s individual affiliates. The entirety of the board’s membership is now selected by the Linux Foundation’s corporate members.
A few days ago it was pointed out that The Linux Foundation updated their by-laws and no longer allows individual members to elect directors. That news obviously caused a fair bit of controversy in the online community for several reasons.
Jim Zemlin, the Executive Director of The Linux Foundation, has now issued a brief statement concerning this controversy.
As we've reported, if you ask some people, they'll tell you that the concept of the Blockchain is as dramatic as the creation of the Internet. Recently, I covered the news that a group of top technology and finance companies including IBM, Wells Fargo and the London Stock Exchange Group, are partnering and working with The Linux Foundation to advance blockchain technology, which is central to how many businesses process transactions.
The Linux Foundation announced that the project will develop an enterprise grade, open source distributed ledger framework and developers wil be invited to focus on building industry-specific applications, platforms and hardware systems to support business transactions. This has major implications for financial institutions and even the PayPals and Apple Pays of the world, but it could also lead to a wave of new startups, healthcare transformation, and more. Now, banks and other financial institutions are completing real world tests of blockchain technology.