The IBM blockchain platform LedgerConnect has been launched to help banks bring their services on to the blockchain.
In collaboration with CLS, a company that deals with foreign exchange services, IBM has just launched a blockchain-based platform to offer financial services: LedgerConnect.
The goal is to share apps and services on a common DLT network, through a platform that provides access to DLT-based services for financial operations. Barclays and Citi are two of the nine financial institutions involved in the project.
The IBM blockchain platform is designed to allow banks to buy and sell secondary companies, or to share and use services hosted on a shared network.
Financial institutions using LedgerConnect will be able to access services and learn about customer processes, sanction screening, collateral management, post-trading of derivatives, and market and reconciliation data.
By hosting these services on a single enterprise-wide network, organizations can focus on business objectives rather than application development, enabling them to achieve operational efficiencies and cost savings across all operations.
DLT has been chosen as the core technology to reduce inefficiencies and improve business speed, providing a single shared version of events and implementation of common business functions.
LedgerConnect is a platform that allows using this technology without having to develop it from scratch, providing a single, shared, highly secure network on which multiple services can be deployed and consumed. This allows financial institutions to focus on transforming business processes rather than creating new blockchain-based applications.
The platform operates on the private IBM Blockchain network using the Hyperledger Fabric technology.
Alan Marquard, Chief Strategy and Development Officer of CLS, said: “LedgerConnect is part of CLS’s strategy to explore how we can provide safe and robust solutions that create efficiencies and reduce risk for a diverse range of firms operating in the financial markets.“
Marie Wieck, CEO of IBM Blockchain, added: “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.“