IBM has tied up with CLS in order to launch a store based on the blockchain technology. It will specifically provide applications for banks. The companies are already launching a proof of concept which is being used by 9 different financial institutions. The proof of concept will involve services from various vendors like IBM, Mphasis, Persistent Systems etc.
The platform will be known by the name of LedgerConnect. The services which will be provided by the various vendors and will involve sanctions cleaning, derivatives post to trade processing, market data. A wide variety of other services will be provided eventually as well.
Currently, the main aim of the platform is to ensure that the much-needed services are provided to the banks. It is addressing the gap between the services which are provided by the Fintech start-ups as well as by the large tech companies. As a result, banks will surely be able to get a whole host of services which are not provided on any other platform. This will ensure that they are able to easily get ready-made applications for various tasks as well which will help them complete the various activities seamlessly.
Also, currently the platform is only being launched on the proof of concept scale. Eventually, it will be opened up for more and more vendors as well. Once it opens up for more and more vendors, the range of services which will be provided on the platform will be on the higher side. As a result, it will become easier for the banks to easily access the service which they need. Moreover, since it is based on blockchain technology, scalability will not be an issue. As a result, the bigger banks will also be able to use these services as well.
LedgerConnect currently is in an advanced state which ensures that the services will be rolled out pretty soon once the proof of concept succeeds. This is one of the main reasons why such a platform might be closer to reality than you think. Moreover, with the help of IBM, it is sure to gain a lot of traction as well. This will ensure that the platform is much more credible as compared to some of the other services which are provided by the Fintech start-ups. This will automatically help the platform gain more traction as well.
As the bigger companies start using the blockchain technology, one thing which is for sure is that the number of applications which use the blockchain technology will increase significantly which will be beneficial for the entire Ecosystem.
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