IBM, Barclays and Citi will launch a blockchain application store for financial institutions
IBM technology giant and a number of financial conglomerates, including Barclays and Citi, are developing a blockchain application store focused on the banking industry. It is reported by CoinDesk.
LedgerConnect service will provide financial institutions with access to blockchain solutions focused on such areas as KYC procedures ("Know your client"), sanctions screening, collateral management, post-trading services of derivatives transactions, data reconciliation, etc.
According to the developers, the new service is designed to help bridge the gap caused by the differences in the capabilities of FINTECH startups and large companies in the creation of applications based on distributed registry technology (DLT).
"The presence of a secure network and proven infrastructure makes it possible to use the application store model. Thanks to the latter, banks can identify applications from certified FINTECH companies and SOFTWARE providers, and run them through a seamless blockchain network," said Kate Bear, IBM Vice President of financial markets.
When you create a platform LedgerConnect the basis is technology Hyperledger Fabric. However, according to the project participants, integration of other DLT technologies, including R3 or Corda, is not excluded.
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