IBM & Forex Firm CLS Begin Trial Of Blockchain App Marketplace August 1, 2018 August 1, 2018 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
NewsAugust 1, 2018 by Kelly Cromley

IBM & Forex Firm CLS Begin Trial Of Blockchain App Marketplace

Software giant IBM and Forex settlement provider CLS have partnered to test a platform named LedgerConnect that enables banks, fintech firms and other software vendors to deploy, share data, and make use of blockchain-based software. IBM and its partner Hyperledger worked together to develop the platform.

Banking behemoths Citi and Barclays are two of the nine financial institutions that are participating in the proof of concept (PoC). LedgerConnect was built to serve as a blockchain marketplace for the financial domain, speeding up innovation in the fintech ecosystem. Alan Marquard, CLS’s chief strategy and development officer, is hopeful that LedgerConnect will offer safe and robust solutions leading to a decrease in costs and risk.

LedgerConnect Saves Application Development Costs

As banks and other financial institutions using LedgerConnect will be able to share services through the network, there will be a little need to spend on technology and operations. Notably, LedgerConnect will be limited to Hyperledger Fabric-specific applications. However, there are plans to support other technologies such as Quorum, R3’s Corda and even the Ethereum blockchain.

Regarding Ledger Connect IBM commented as follows

“Operating on a private permissioned network based on the IBM Blockchain Platform and Hyperledger Fabric technology, LedgerConnect will be designed for regulated and security-conscious enterprises and available across asset classes. Support for additional ledger technologies may be provided in the future, based on market demand and developments.”

Performance Guarantee

Armonk, who works at New York branch of IBM, stated that security and performance validation tests are rigorosly conducted on the blockchain apps before being certified. He is of the opinion that financial institutions will gain from the marketplace as tested blockchain apps can be bought straightaway without any concerns. Software vendors, on the other hand, will be able to easily market their products. This includes Synswap, a fintech startup, which was backed by Barclays accelerator.

LedgerConnect will offer blockchain-based services and apps for market data, collateral management, derivatives post-trade processing and reconciliation, Know Your Client (KYC) processes and sanctions screening.

Blockchain Apps in LedgerConnect Marketplace

Some of the apps that are presently offered in the marketplace include portfolio reconciliation tool from Synswap and margin management app of Openrisk. Other apps that are expected to find its way to the marketplace includes IBM’s KYC app and mPhasis’ sanctions-screening app. Other software vendors who are joining hands in the LedgerConnect trial (Proof of Concept) include Copp Clark, Persistent Systems, Baton Systems and Caypso.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.