The technological giant IBM and a number of financial conglomerates, including Barclays and Citi, are developing a banking-oriented store for blockchain applications. This is reported by CoinDesk.
The LedgerConnect service will provide financial institutions with access to blockchain solutions focused on such areas as KYC (Know Your Customer) procedures, sanction screening, collateral management, post-trading maintenance of derivatives transactions, reconciliation of data, and so on.
According to the developers, the new service is designed to help bridge the gap caused by differences in the capabilities of fi nite startups and large companies when creating applications based on distributed ledger technology (DLT).
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.
Vice president for financial markets, IBM
The LedgerConnect platform is based on the Hyperledger Fabric technology. However, according to the project participants, integration of other DLT technologies, including R3 or Corda, is not excluded.