The Linux Foundation, a non-profit consortium of tech companies that supports open-source projects, announced via a press release a new distributed ledger technology (DLT)-based initiative. Aiming to rate data based on their reliability, the initiative dubbed Project Alvarium would be supported by Dell Technologies Inc., an American multinational tech company, and Iota, a DLT provider based in Germany.
According to the press release, the key participants of the project would be supported by supplemental companies such as IBM, Unisys, and MobiledgeX. These firms would provide technological aid.
Notably, the main purpose behind the development of Project Alvarium is to increase data security, may it be related to crypto or otherwise. According to reports, recent attacks on crypto data security accounts for 51%. The Linux Foundation claims that it is now a major concern.
As briefly explained in the paper, Project Alvarium would be based on code written by Dell Technologies. Also, it would adopt the concept of Data Confidence Fabric, a system that permits data to flow through, which ultimately forms a score of trustworthiness for data security. The result would come along with information on how to utilize the data and with whom the data can be shared.
CTO Jason Shepherd of Dell Technologies, Inc., said that if the goal of the project would be successfully achieved, organizations would find it easier to meet varying compliance requirements such as the General Data Protection Regulation implemented by the European Union. Furthermore, he emphasized that Project Alvarium can help companies manage, share, and monetize information without compromising privacy on reputable terms.