IBM will soon be a competitor to R3
IBM has teamed up with payment system CLS to create LedgerConnect, a blockchain platform offering financial services solutions. Nine financial companies have already started testing the project, including Barclays and Citibank..
IBM believes that the work of banks and financial companies in a single system will greatly simplify their activities. The platform will also allow the creation of unique financial decentralized applications that can easily interact with each other..
So far, the project is at the testing stage, but the developers say they are confident in the success of the concept, regulatory approval and sufficient market demand. Information on the official website of IBM claims that their blockchain is not limited to the financial sector, offering solutions for eight other industries and even a separate search engine..
Many large banks are developing their own technological solutions on the blockchain, but this can lead to the fact that they will not be able to communicate with each other. The global platform is offered by the R3 consortium, which already offers universal solutions for the financial sector. If the IBM project achieves this goal, then it will become the main competitor of R3.
«Today, many technology and finance leaders are joining forces, forming consortia, looking for ways to use blockchain technologies to create more competitive high-tech solutions in the field of finance, be it issuing bonds or settling trade transactions. IBM solution modernizes a wide range of financial areas, including customer identification processes, sanctions check, collateral management», — FxOpen analysts say.
IFGS2016 Panel: Blockchain’s Coming of Age hosted by WEF with IBM, R3 and Factom
American giants are increasingly turning to blockchain and virtual currency, including the Nasdaq stock exchange..
text: Ivan Malichenko, photo: SOPA Images / Getty images / Forbes