IBM and CLS in cooperation with 9 financial corporations, including Barclays PLC and Citigroup Inc, are testing the new blockchain project aimed at optimization of banking and financial operations. The LedgerConnect project, a kind of blockchain application store, is designed to enable the financial institutions to get access to DLT solutions.
The LedgerConnect project, a kind of blockchain application store, is designed to enable the financial institutions to get access to DLT solutions. Specifically, banks and financial companies will be able to share solutions from fintech and software providers (KYL, management systems, etc.).
According to the reports, the private network was developed by IBM and Hyperledger. Still, CLS is also taking part in LedgerConnect. Notably, the latter processes $5 trillion worth payments daily in its global exchange network.
"Having a secure network and proven infrastructure allows an app store kind of model, where banks can identify applications from certified fintech and software providers and deploy these apps over a seamless blockchain network," IBM representative said.
The project members believe that the new solution will help to overcome the gap resulted from the differences in the opportunities opened for fintech companies and large ones while creating DLT-based applications.
The LedgerConnect project is said to be based on the Hyperledger Fabric, though the project team notes that other technologies (in particular, R3 or Corda) can be also integrated.