IBM launches blockchain proof-of-concept platform for financial services

IBM unveiled its LedgerConnect proof-of-concept blockchain platform today. The company teamed up with CLS, a foreign exchange market infrastructure firm, to design the platform for financial services, according to a report by CNBC.

LedgerConnect will provide a variety of services for financial institutions and financial services such as know-your-customer processing, collateral management, derivatives post-trade processing and sanctions screening.

Barclays, Citi and seven other financial services providers are involved in the proof-of-concept project. IBM might launch the platform for wider use if it achieves regulatory approvals and generates sufficient market demand, according to the report.

Topics: Banking, Blockchain

Companies: IBM Corporation

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