International Business Machines (IBM) and foreign exchange market infrastructure firm CLS have created a blockchain platform, LedgerConnect, to help cut down operating expenses and fees for financial services companies, a press release said.
LedgerConnect will give financial companies access to seven blockchain vendors so they can streamline operations by keeping one set of records for all data.
IBM said that nine financial institutions including Barclays and Citi have already opted to run LedgerConnect. The tech will be especially useful in uniting banks on its single network.
Because banks that have their own blockchains find it difficult to transact with each other as different ledgers are not compatible, said a report by CNBC.
But LedgerConnect solves that problem by providing a single platform for financial institutions to interact on.
IBM has maintained a sharp focus on blockchain technology.
In April, IBM partnered a gold and diamond consortium for a blockchain project that will trace the finished pieces from the mine right up to the jewellery store, helping consumers see whether the product includes blood diamonds or conflict metals. The private blockchain called TrustChain is initially designed to track six styles of diamond-engagement and gold-engagement rings. TrustChain jewellery could be available to customers by the end of 2018, IBM said.
IBM is also helping US retail giant Walmart Inc. put its food suppliers on blockchain, according to a Bloomberg report.
In another partnership in December last year, Walmart, Chinese e-commerce company JD.com, IBM, and Tsinghua University National Engineering Laboratory for E-Commerce Technologies said they would work together to boost food tracking, traceability and safety in China.
Also, Salon Media Group has partnered IBM and non-profit AdLedger for a blockchain pilot project aimed at achieving more transparency for all ad payments of the internet journalism company, said a report.
Early last month, IBM said the rise of emerging technologies such as artificial intelligence and blockchain would soon disrupt marketing tech services.