IBM, Barclays & Citi Bank Joined Blockchain Project

August 3, 2018

IBM has entered into a partnership with the company CLS to work together on a blockchain project dubbed LedgerConnect. According to the statement, the project will allow to establish a strong connection between financial organizations and developers of blockchain solutions.

It is reported that a total of 9 organizations agreed to participate in the project: banks Barclays and Citi Bank, as well as technology companies Baton Systems, Calypso, Copp Clark, Mphasis, OpenRisk, Synswap and Persistent Systems.

The Head of Innovation at CLS Ram Komarraju described LedgerConnect as "an app store-like ecosystem." He said that financial organizations with better system had technical advantages over competitors, although some of the system failed to interact with each other properly. 

Komarraju stated that IBM and CLS are striving to create an ecosystem where dev teams will be able to offer their applications to everyone, while banks and other large companies will be able to start using them immediately.

This cooperation between IBM and CLS is not the first one. Before that two companies worked together on a blockchain project called CLSNet. In the announcement of LedgerConnect the first project was considered successful, although some cryptocurrency experts disagree with it. The idea of CLSNet was to integrate blockchain in banking systems to make the global currency market more standardized. 

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