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9 global banks in an effort to build common blockchain platform

9 global banksAs many as 9 global banks are participating in an app store trial program based on blockchain technology. The banks include Citibank and Barclays. The platform, called LedgerConnect, is being developed by IBM and forex processing company CLS. It is expected to be launched in the coming months and the participating banks have selected blockchain vendors including Baton Systems, Calypso, Copp Clark, IBM, MPhasis, OpenRisk, SynSwap and Persistent System to participate in the effort. Both Citi and Barclays had earlier partnered with various startups to build projects seeking to address issues ranging from instant transactions to complying with difficult financial regulations. LedgerConnect is expected to make it easier for banks to opt in to blockchain projects using the platform and encourage banks to use the same blockchain protocol rather than say several incompatible ones. LedgerConnect will offer blockchain-based programs that will deal with anti-money laundering, KYC as well as ones that seek to address loan collateral management. The platform is built on the IBM Blockchain Platform and Hyperledger Fabric technology.

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