IBM and CLS Join Forces on Blockchain
The LedgerConnect project aims to provide a secure network for deploying and consuming relevant information and services.
The venture aims to offer a cost- and time-effective alternative to creating multiple proprietary applications and services, allowing firms to upload and consume these through a single shared network. The LedgerConnect project is expected to provide a secure, permission-based platform built on IBM’s private blockchain and Hyperledger Fabric technology. It will allow fintechs to offer their technologies and services to global institutions plugged into the network.
“LedgerConnect aims to create this managed secure robust network so that multiple providers can develop their applications and focus on the business problem, solve the problem, and deploy it onto the network,” says Ram Komarraju, head of innovation and solution delivery at CLS. “We are expecting to have a network of banks joining and they will be able to download and use the applications,”
Barclays and Citi are among the nine financial institutions that have signed up to the trial platform, selecting services from providers such as Baton Systems, Calypso, Copp Clark, IBM, MPhasis, OpenRisk, SynSwap and Persistent Systems.
The blockchain network is based on cloud services and is operated by CLS and IBM. Komarraju explains that institutions hoping to utilize the platform in the long term will also have the option to host LedgerConnect from their private servers
The project is nearing the end of its PoC stage. IBM and CLS have created an institutional grade app store, they have built the blockchain platform and are continuing to onboard network participants such as banks and fintech firms.
“We are keen to expand the pipeline of banks and onboard more onto the platform after the PoC phase,” says Keith Bear, VP for financial markets at IBM. “ We want to build a pipeline of service providers that have blockchain applications or have an intent to provide blockchain applications so we can offer more choice. We see those two threads run parallel in terms of building the market—and there is a long way to go as we build up the broader community that we think will be interested in the offering.”
Once the PoC stage is finalized IBM and CLS will undergo an evaluation of the platform to assess market demand for the technology and ensure all regulatory approvals are met.
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