Two central banks have become the latest additions to the Hyperledger project, a blockchain research programme that brings together startups, investors and stakeholders exploring blockchain technologies.

The Federal Reserve Bank of Boston and the Bank of England were two of a new intake of 11 members, signing up to support the work of the Hyperledger project as it continues to develop blockchain infrastructure.

Led by the Linux Foundation, the project is a not-for-profit entity, aimed at exploring the blockchain and how the technology can be used across different industries in future.

By recording transactional information in a distributed, decentralised ledger, the blockchain is hotly tipped to be a revolutionary technology for a number of industries.

The technology, which currently supports digital currencies like Bitcoin, could unlock significant efficiency and security gains for companies in a wide range of sectors, from banking and finance to local government, agriculture and logistics.

With over 100 companies already signed up to the open-source project, its findings have been gathering momentum in recent months. With these two central banks now joining the ranks of member companies, the project looks set to develop at an even faster pace, as it pushes to develop market-ready applications for the technology.

Hyperledger’s Executive Director, Brian Behlendorf, welcomed the announcement of new members, and the possibilities it held for further exploration of the project’s aims.

“We’re now at 122 members and seeing even more diverse organizations across industry sectors invest their energy and resources in understanding how blockchain technology can strengthen their own business processes. This new set of members’ combined backgrounds and experiences will be invaluable to the community, as we strive to increase production deployments through this year.”

The move follows the recent additions of car manufacturer Daimler and American Express, who both joined earlier in February, and comes ahead of its next expected software release in Q2.

Hyperledger is examining software models for implementing blockchain use cases, in what it hopes will become the world’s leading source code for blockchain-based technologies.

While the technology remains in its infancy, the welcome addition of new expertise, particularly from those with financial compliance and regulatory input, will be seen as a major coup for Hyperledger, as it continues to expand its reach and scope.