Barclays and Citigroup experiment with a Financial blockchain application

Barclays Plc and Citigroup Inc. are completing a trial of how blockchain innovation can streamline their tasks as part of a gathering composed by IBM and one of the world’s biggest monetary infrastructure providers.

According to the internal report, a private network was launched by Hyperledger, the blockchain software developing giant and IBM. The network is responsible for the launch of ‘Ledgerconnect’ which is a financial blockchain aiming to make the access to DLT [Distributed Ledger Technology] solutions easier for banks.

The target audience of the “app store” will gain solutions from Financial technology, software providers and vendors who are in search of a banking partnership. Major banks like Barclays and Citigroup stand amongst its founding members.

Almost nine financial institutions are participating in the Proof-of-Concept [PoC] and have selected services from a number of vendors including IBM, MPhasis, OpenRisk, SynSwap, Baton Systems, Calypso, Copp Clark, and Persistent Systems.

Proof-of-Concept demonstrates the purpose to verify unique concepts or theoretical statements that carry the potential to be applied in real life for worldly applications. It is a prototype which is altered to determine feasibility and does not stand for deliverables.

The appeal of the LedgerConnect venture is that it gives banks a chance to cut their innovation and technical expenses by enabling them to share services on a system.

Ram Komarraju, innovation and solution delivery at CLS, said in a meeting that different firms contending to offer banks enterprise blockchain applications incorporate R3, Chain and Digital Asset Holdings. The POC test began about three months ago and should be done in a few weeks, Komarraju affirms. He also listed a few other firms in the group, such as Calypso, OpenRisk, and SynSwap. If the project moves to the next step, more banks will be invited to join, says Komarraju.

Barclays is one of the most active banks in the DLT field, the app store is a way to test out a new approach. Dr. Lee Braine of the investment bank CTO office at Barclays explained that there are several different deployment options to consider when architecting distributed ledgers for live environments.

Briane said:

“For example, if a financial market infrastructure provider like CLS is providing the governance and business services for a particular use case, then there may be an option for that market infrastructure provider to also host the nodes on behalf of the banks in order to accelerate the initial speed to market,”

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