IBM launches blockchain platform for banking

IBM has partnered with CLS Group to release a platform which makes it easier for banks to access blockchain technology.

The solution is called LedgerConnect and is designed to easily deliver a selection of blockchain applications to financial institutions.

A number of major banks including Barclays and Citigroup are participating in the platform’s proof-of-concept launch, selecting blockchain services from various vendors.

The blockchain solutions on LedgerConnect will include know-your-customer processes, sanctions screening, and market data analytics.

LedgerConnect runs partly on IBM’s own private blockchain which was built on Hyperledger Fabric, and all the applications currently within the platform are Hyperledger-based.

CLS and IBM are open to supporting other blockchain implementations, expecting that the platform will not be limited to only one technology.

“We are not averse to supporting other ledger implementations, whether it is R3’s Corda, whether it is Quorum (provided these techs are robust and can meet the needs we have from security perspective etc.),” said CLS head of innovation Ram Komarraju.

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IBM launches blockchain platform for banking