IBM has revealed it is teaming up with some of the world's leading banks for an all-new blockchain platform.
The new LedgerConnect platform hopes to help share and spread the use of blockchain services and apps among banking and other financial institutions, as well as speeding up transactions and communication between organisations.
IBM's partners in the new venture include the likes of Barclays and Citigroup, with foreign investment firm CLS providing much of the backbone, with areas such as customer compliance checks, sanctions screening and collateral management among initial services on offer.
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LedgerConnect is a distributed ledger technology (DLT) platform that will host blockchain-powered services on a centralised location – helping drive down the cost of adopting and deploying new tools using the technology.
IBM says that by hosting these services on a single, enterprise-grade network, organisations will be able to focus on business objectives rather than application development, "enabling them to realize operational efficiencies and cost savings across asset classes."
"Together IBM and CLS have been early pioneers in advancing blockchain solutions for the financial services space," said Marie Wieck, general manager, IBM Blockchain.
"Building on the success of CLSNet and leveraging the strong relationship CLS has with the world's leading financial institutions, LedgerConnect is uniquely positioned as a blockchain marketplace for the financial services industry, which will accelerate innovation across the ecosystem with value added services for blockchain networks."