Nine banking giants including Citigroup and Barclays are participating in an app store trial for programs based on the technology.
The currently in-trial app store, LedgerConnect, was announced Monday by foreign exchange processing giant CLS and tech titan IBM. It’s expected to launch in coming months, with banks selecting blockchain vendors including Baton Systems, Calypso, Copp Clark, IBM, MPhasis, OpenRisk, SynSwap and Persistent System to participate.
In recent years, Wall Street banks have tested different blockchain, the technology underlying cryptocurrencies such as Bitcoin, as a potential way to solve a myriad of problems. On a basic level, blockchain, or distributed ledger technology, is thought to be a secure and fast way to send potentially sensitive information. With those upsides, the technology is thought to be a perfect fit for banks, which commonly deal in personal data such as social security numbers.
Source : fortune.com