Leading banks including Barclays and Citigroup take part in new blockchain project

Two giant banks, Barclays and Citigroup, are participating in the project organized by tech giant IBM, CLS Group, a firm specialized on blockchain FX settlements, and blockchain development initiative Hyperledger. The LedgerConnect project is arranged especially for banks and financial organizations.

Barclays and Citigroup takes part in the new IBM blockchain project

Barclays and Citigroup takes part in the new IBM blockchain project

It enables firms to benefit from the technology and implement different solutions depending on their needs. For instance, it will be possible to share common regulations, related to such processes as “Know your customer” checks, collateral management or sanctions. LedgerConnect will have an app-store-like functionality.

Banks will choose the required app from certified providers and implement chosen apps via blockchain network. All organization will thus share the same blockchain protocol. Alan Marquard, Chief Strategy and Development Officer, CLS, comments that

"LedgerConnect is part of CLS's strategy to explore how we can provide safe and robust solutions that create efficiencies and reduce the risk for a diverse range of firms operating in the financial markets. We expect LedgerConnect to deliver enhanced efficiencies and economies of scale over single-purpose distributed ledger networks."

Marie Wieck, general manager, IBM Blockchain, also comments on the partnership and the project

"Building on the success of CLSNet and leveraging the strong relationship CLS has with the world's leading financial institutions, LedgerConnect is uniquely positioned as a blockchain marketplace for the financial services industry, which will accelerate innovation across the ecosystem with value-added services for blockchain networks."