New York-based technology company IBM is working with some of the world's leading banks for an entirely new blockchain platform. The platform, called LedgerConnect, hopes to help share and disseminate the use of blockchain services and applications among banking and other financial institutions, as well as to accelerate transactions and communication between organizations.
Among IBM's new venture partners, Barclays, Citigroup and CLS Group. LedgerConnect is a distributed notebook platform with centralized, blockchain-supported services. Companies are aiming to reduce the cost of adopting and using new tools by using technology. LedgerConnect, one of the leading financial institutions in the world, leverages CLS's strong ties and has a unique position as a block market to accelerate innovation in the ecosystem by providing value-added services to the market for block chains for the financial services industry.
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By hosting these services on an enterprise-wide network, IBM said that organizations can focus on business goals rather than developing applications. It was also stated that they aimed to achieve operational efficiencies and cost savings throughout asset classes. Marie Wieck, general manager of IBM Blockchain, said, "IBM and CLS are pioneers in developing blockchain solutions for the financial services field."