The platform, LedgerConnect, will offer applications and services provided by different vendors in areas such as customer compliance checks, sanctions screening, and collateral management, the companies said. LedgerConnect – which is based on a model similar to that of consumer app stores – aims to make it easier and cheaper for financial firms to use the blockchain-based software. Banks and other financial institutions have been investing millions of dollars in developing the technology which they believe can help them simplify some of their processes and cut costs. While many blockchain-based applications are being tested by banks, few have gone into production. CLS and IBM hope that LedgerConnect can help speed up adoption by making blockchain-based software for financial firms more readily available, they said.

Source: The Express Tribune July 30, 2018 10:01 UTC