IBM is launching “blockchain apps store” for banks

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IBM is launching
IBM is launching "blockchain apps store" for banks
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Large technological and financial corporations are looking for their way into the world of the blockchain. Another evidence is the IBM project to create LedgerConnect. LedgerConnect is a kind of “store of blockchain applications,” in which the banks of Barclays and Citi takes part. The created platform will host blockchain solutions from different providers, which may be needed by various credit organizations. The main areas of application of the blockchain are the process of verification of bank customers, the verification of companies to include them in certain US and EU sanctions lists, the management of assets provided by borrowers as collateral, the arbitration processes for derivatives transactions, and the processing of various indicators, indicating the state of supply and demand for a particular service in the financial market.

LedgerConnect itself is one foot in the world of the blockchain, and the other in the world of traditional banking services, as it is a branch of the CLS currency trading platform, which has been operating in the forex market since 2002, six years before the first understanding of distributed registry technology. LedgerConnect runs on the IBM blockchain, which in turn is based on the Hyperledger Fabric platform, so all applications that will be located in the “store” will be compatible with Hyperledger.

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A total of nine financial companies will admit a financial application to LedgerConnect, and eight organizations, including IBM, Baton Systems, Calypso, Copp Clark, MPhasis, OpenRisk, SynSwap and Persistent Systems, among the selected providers of blockchain solutions. LedgerConnect, by the way, eliminates the gap that exists between those who develop blockchain-based applications and those institutional players in the financial market who would like in one place to be able to choose a blockchain-based solution suitable for their current tasks.

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