Blockchain technology is infiltrating so many spheres as a possible solution to ten thousand and one things under the sun, therefore it isn’t a surprise that one of the core tenants of cryptocurrency is being appropriated by so many other industries. The rise of Blockchain has been chronicled by so many already, being surpassed only by the magnanimity of artificial intelligence and machine learning. Now a brand new use of Blockchain technology has spilled into the ether and this is becoming one of the biggest announcements of 2018.
What is LedgerConnect
CLS, an organization that provides IT system architecture too much of the exchange market, as well as IBM and a grand total of nine financial organizations, have come together for this project. The institutions have decided to put their heads together and produce LedgerConnect, this particular idea is still in its prototype phase but is quickly moving along. LedgerConnect is a ‘distributed ledger technology’ or DLT model that aims to bring together financial houses of all sizes and types as well as software companies. The aim of this platform is for the two types of organizations to be able to transfer files, knowledge, and services both across to and amongst one another.
How It Works
LedgerConnect will follow the similar path of so many other dynamic technological innovations by operating in a single Enterprise edition. The platform will feature a wide host of functions such as knowing your customer or KYC systems, as well as risk screening, securities after-purchase evaluation features and an expedited view of the market. There are of course additional features within this all-inclusive business solution; however, the full and original purpose of this endeavor has not yet been exposed. The main aim of LedgerConnect was to ensure that companies within the financial sector had an efficient and relatively easy way to interact and become comfortable with Blockchain technology.
CLS commented how LedgerConnect’s chief aim was for the company to evaluate if they could provide a method of safeguarding companies data, irrespective of the industry that the company is in. The spokesperson for CLS, Alan Marquard who is also the Chief strategy and development director, shared that one of the prime purposes behind LedgerConnect was to make security user-friendly once again.
LedgerConnect will work by the granting of unique user-specific rights within the framework of IBM Blockchain and its patented Hyperledger Fabric innovation. The current model has been designed specifically for use within the financial industry and will be available for the management of assets regardless of the sector. Once LedgerConnect has managed to make it through the rounds of prototype testing and the project owners are able to deliver an effectively market feasibility then LedgerConnect will be ripe for release.
Looking To The Future
CLS then went on to add that if other industries were to show enough of an interest, then there would be additional industry-specific instances of LedgerConnect within the future. At present, it has been confirmed that nine financial organizations have taken part in the initial Proof Of Concept for LedgerConnect, here’s hoping it goes well.