Global tech giant Intel has co-sponsored a new blockchain programming project by major blockchain tech firm Hyperledger, according to a Forbes report on July 3.

Officially released on June 27, Hyperledger Transact is a new tool that aims to boost the compatibility of blockchain networks by providing a standard interface, or a shared software library for smart contracts execution.

Michael Reed, Intel's blockchain program director, said in an interview with Forbes that the main purpose of the company's efforts in blockchain development is to ensure that distributed ledger technology solutions “run well on Intel silicon.”

Reed noted that the company is also working to find out the requirements or standards for blockchain developers in consortiums such as Enterprise Ethereum Alliance.

Hyperledger Transact involves a number of companies specializing in different industries, including global tech giant IBM, Intel, as well as tech service firm Bitwise IO and global food supplier Cargill.

Intel is a member of the major blockchain standards consortium, the Enterprise Ethereum Alliance (EEA), which counts over 500 participants, including the United States’ largest bank JPMorgan Chase, blockchain incubator ConsenSys, Big Four auditor EY, as well as tech giants Microsoft and IBM, and blockchain consortium R3.

On June 18, IBM introduced updates on its IBM Blockchain Platform, enabling it to run on multiple cloud networks including Microsoft’s Azure or Amazon Web Services.