IBM and CLS Team Up With Barclays and Citigroup For App Store

IBM and CLS Team Up With Barclays and Citigroup For App Store

LedgerConnect is a financial blockchain app store that wants to make it easier for banks to access distributed ledger technology solutions from Fintech and other software providers and for these companies to contact and reach the bank customers.This app store is the product of a collaboration between software giant IBM, bank owned currency trading utility CLS and banks such as Barclays and Citigroup. Nine financial institutions are participating in the proof-of-concept for this project and have included Calypso, Copp Clark, IBM, Persistent Systems, Baton Systems, OpenRisk and SynSwap.

On LedgerConnect, financial institutions can access DLT services in areas like sanctions screenings, collateral management and derivatives post trading processing.

Keith Bear, IBM’s vice president for financial markets said,

Having a secure network and proven infrastructure allows an app store kind of model, where banks can identify applications from certified fintech and software providers and deploy these apps over a seamless blockchain network.

Dr. Lee Braine of Barclays said that there are different deployment options to be considered when designing and building distributed ledgers for live environments. He explained,

Some banks may also look to explore the more decentralized deployment option of hosting their nodes themselves.By participating in the LedgerConnect proof-of-concept, Barclays is gaining experience of a distributed ledger private network aimed at connecting both market infrastructure-hosted nodes and bank-hosted nodes.

LedgerConnect runs partly on a permission blockchain based on IBM’s blockchain that in turn is built on Hyperledger Fabric and therefore all apps are in hyperledger based. However, the founders are open to other enterprise blockchain solutions using the app store.

Ram Komarraju, head of innovation and solution delivery at CLS said,

We are not averse to supporting other ledger implementations, whether it is R3’s Corda, whether it is Quorum (provided these techs are robust and can meet the needs we have from security perspective etc.).

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Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.