IBM trials blockchain platform aimed at banks
IBM trials blockchain platform aimed at banks IBM has launched a blockchain platform aimed at the financial services industry. So far, nine financial services companies, including banks Barclays and Citi, are involved in the proof of concept. IBM has teamed up with CLS, a foreign exchange market infrastructure firm, to create the product, known as LedgerConnect. IBM launched a blockchain platform for financial services on Monday as it continued to bolster its offerings of the much-hyped technology. Blockchain is the technology that underpins the cryptocurrency bitcoin. It's a public ledger of activity on the bitcoin network that is tamper-proof. But banks and other institutions are now looking to apply blockchain to many of their processes, from issuing loans to settling trades. The blockchain, or distributed ledger technology (DLT), being employed by large companies, however, differs from the bitcoin network. Whereas the bitcoin blockchain is public, the DLT bei