Computer giant, IBM has made an announcement that it is partnering with CLS, a New York-based financial services company to launch a blockchain platform exclusively for banks. The announcement was made public on Monday.
The move by IBM will help banks to use blockchain technology seamlessly. Ledger Connect is designed to provide a handful of blockchain applications to the banking sector. The platform is set up on a single network and will help the banks to create blockchain applications. It operates partially on IBM’S hyper ledger fabric blockchain and the applications which run within the platform are hyper ledger-based.
According to a report, the distributed ledger technology platform is specially created for financial institutions and it will be applied towards different areas such as KYC processes, sanctions screening, security management, derivatives post-trade processing, settlement and market data.
Till now, a total of nine monetary institutions, including Barclays and Citi Group, have been involved in the proof of concept.
The new platform is not available broadly yet, but IBM promises to deliver after a successful proof of concept, regulatory approvals, and good market demand.
IBM has been working on latest technologies like blockchain and cloud to help the company to transform. So far, the strategy is showing positive changes. This year, IBM’s revenue increased for the third consecutive quarter due to Q2 strategy.