The clearing house and Continuous Linked Settlement (CLS) , as well as IBM, and a total of nine financial institutions are currently testing the block chain-based applications. Among the banks that work with the technology that underlies Bitcoin, and Ledger connect, including Barclays and Citigroup.
Bitcoin has it – the Blockchain-the technology that the Cryptocurrency is based, is increasingly being used for solutions in the financial sector. As reported by Reuters, works with IBM, currently with companies from the financial sector. In the process, if you want to develop a platform that is based on a model similar to the usual App Stores. Accordingly, it should be for companies from the financial sector with the solution in the future, simply, the block chain to apply based Software.
The hope behind the merger of the industrial sizes, it is to the Blockchain solutions together more effectively testing. Rather than each institution individually to find solutions and to test systems that combines the Blockchain here, large banks with other companies, in order to ensure more efficiency in the test area:
“Barclays is participating in the Proof-of-Concept of Ledger connect. So we want to get a better understanding of Blockchain applications, and to gain experience in this area. We also want to investigate some of the possible Use Cases“,
Lee Braine, CTO of Barclays told Reuters in an E-Mail.
Ledger connect is to ultimately be able to help, to support financial enterprises in the adaptation of KYC processes, data monitoring, Management, and market analysis. Ledger connect is also designed to run on the IBM-Blockchain platform. This, in turn, runs on the basis of the Hyper Ledger Fabric, to which the Apps are based.
Unlike Bitcoin: Ledger connect Blockchains works with Permissioned
So that IBM connects to previous messages, after which Jesse Lund, head for Blockchain development at IBM, about conversations with the Central banks had expressed. He had highlighted at the time, just the Potential of Permissioned block chains. Unlike Bitcoin, is based on a Public Blockchain, this is restricted-access block-chains to manage data.