| Developers: | IBM, Continuous Linked Settlement Bank (CLS) |
| Date of the premiere of the system: | July, 2018 |
| Branches: | Financial services, investments and audit |
2018: Start of the platform
On July 30, 2018 IBM announced start of the LedgerConnect platform intended for providing blockchains-applications to financial companies.
As partners of IBM in this project the American settlement system on currency transactions CLS and several large banks, including Barclays and Citigroup acted.
As notes news agency Reuters, LedgerConnect offers the applications and services created by different producers for such areas as check of compliance of service to customer requirements, management of pledge, processing and reconciliation of these derivatives, information on the market. Service is constructed according to the same scheme, as consumer app stores (like App Store), and the solutions blockchain to banks and other financial institutions is started for the simplified and cheaper providing.
 | Receiving these services in a single network of the corporate level, the organizations can focus on business challenges, but not on application development that will allow them to generate operational efficiency and to save means, the press release says. |  |
In the same place it is noted that creation and testing of each application by forces of banks costs them too expensive as in respect of money, and time.
Banks actively invest in a blockchain and develop own technologies. However this variety has a big problem — lack of integration of products that complicates interbank transactions. The uniform portal for blockchains-applications will help to solve this problem.
The joint platform will allow to guarantee that applications from different vendors will conform to technical standards and standards of security which show financial companies, the development director of strategy and development of CLS Alan Marquard explained.
By the end of July, 2018 of LedgerConnect it is tested in banks. After carrying out tests and obtaining necessary demand the technology will be done generally available in the market.[1]
Notes
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