The New York-based American multinational tech firm, International Business Machines Corporation (IBM), a collaborator with Stellar Lumen (XLM), is partnering with Foreign exchange settlement house CLS, and nine strong banks to bring a new dimension into the blockchain application marketplace.
The banks and the two big firms are using LedgerConnect for the innovation. The idea will make it easy for software sellers and banks to share and deploy software via the platform.
On the platform, applications like surety and collateral application/management, Know Your Customers processes, after trade processing, market data, among other necessary tools that blockchain can provide are made available.
Barclays and Citi, among the Banks involved in the idea, are concerned with the PoCand are going to be making use of facilities available through Sync, OpenRIsk, IBM, Copp Clark,Baton Systems.
LedgerConnect,which operates on a private network-dependent on the IBM’s Hyperledger Fabric, is engineered to provide a market square for scrutinised and ratified blockchain-based applications.
Through the provided marketplace, banks are eligible to select from the myriads of applications based on what they found suiting and complementing to the issues they intend solving with blockchain-based applications.
Not long,IBM partnered with Stellar. In the partnership, banks will have the opportunity to use Stellar Lumen while converting it to local fiat currency through the local market at the same time.
The same partnership makes Stellar and IBM to be part of the Hyperledger Fabric project. The project builds open source blockchain infrastructures to enhance blockchain software deployed by fintechs.
Stellar (XLM) in the Cryptocurrency Space
Beyond relevance, Stellar has been a household name in the cryptocurrency world. Recently it bagged Shariyah compliance certificate from the Shariyah Review Bureau (SRB), a Central Bank of Bahrain licenced authority.
The certification makes Stellar Lumen’s XLM and its fintech apparatuses to be dependable in the Middle East and in all countries where Shariyah compliance is a necessity to get customers who are interested in financial transactions into one’s business.
Image Credit: YouTube.