IBM has joined the Chamber of Digital Commerce, the Washington, D.C.-based organization working to help shape the regulatory framework for the blockchain industry.

IBM has been closely monitoring the nascent technology and is working on products that would allow businesses to use it. Blockchain's adoption by companies would "greatly benefit from government participation," Jerry Cuomo, vice president of blockchain technologies at IBM, said in a news release Thursday.

"It is critical from a national competitiveness point of view for U.S. companies and government agencies to lead the world in understanding the potential of blockchain and putting it to use," he said.

The chamber, founded in 2014, is a group of blockchain startups and software companies, IT consultancies, financial institutions and investment firms that work closely with policymakers and regulators to develop a legal environment that allows and fosters innovation and growth in the blockchain field.

IBM isy developing open-source blockchain-based software upon which financial services players can build their own blockchain applications, in collaboration with Digital Asset Holdings and the Linux Foundation. That project, the Open Ledger Project, is backed by JPMorgan Chase, Wells Fargo, State Street, ANZ Bank, Swift, R3, Cisco, Accenture, Hyperledger, Intel, London Stock Exchange Group, Mitsubishi UFJ Financial Group, IC3 and VMware.