IBM is launching a new digital ledger technology (DLT) infrastructure for banks called LedgerConnect. The private permissioned network, in collaboration with CLS, which produces settlement, processing and data solutions, is based on the IBM Blockchain Platform and Hyperledger Fabric technology. LedgerConnect will be designed for regulated enterprises.
Nine banks are currently on board, including Barclays and Citigroup. The DLT platform is designed to enable banks and financial institutions to share fintech solutions. It will focus on key areas such as know-your-customer processes, sanctions screening, collateral management, derivatives post-trade processing and reconciliation and market data.
A statement from IBM reads, “As financial institutions increasingly work to implement DLT into their operations, capital markets remain saturated with multiple systems performing the same business functions and with siloed pockets of data that require expensive reconciliation processes. DLT can help reduce these inefficiencies and improve the speed of doing business by providing a single, shared version of events and one implementation of common business functions.”
IBM plans to make the platform widely available after meeting regulatory approval in the initial phase.
By partnering with CLS, IBM leverages its investment in blockchain technology across a range of initiatives, combined with CLSNet, a foreign exchange settlement network that standardizes post-trade processes. The company settles over $5 trillion in payment instructions per day for Barclays, Citigroup and other network clients.
Join us on Telegram
“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,” said Marie Wieck, general manager, IBM Blockchain.
Several vendors are on board to participate in the marketplace, offering blockchain-based software solutions.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin or cryptocurrency. Your transfers and trades are at your own risk. Any losses you may incur are your responsibility. Please note that The Daily Hodl participates in affiliate marketing.
Check Out the Latest Headlines
The post IBM Unveils Blockchain Marketplace for Banks appeared first on The Daily Hodl.