Innovate Finance and IBM to open blockchain lab
11 September 2015 | 15023 views | 1
UK fintech champion Innovate Finance is to establish a blockchain lab in partnership with the Hartree Centre, the high performance computing and data analytics research facility founded by the UK Government in association with IBM.
Blockchain has become one of the most talked about innovations in finance, with scores of banks setting up their own experimental facilities and pumping cash into promising startups.
Innovate Finance says bank partners will be able to use the high-performance computers housed at the Hartree facility to aid in their exploration of the blockchain's potential in finance.
CEO Lawrence Wintermeyer, says: “If we can use the lab to develop open standards for the blockchain in financial services, we will be moving one step closer to accelerating the mass adoption of this breakthrough technology.”
He says the lab will set out to develop practical use cases for the technology, ranging from payment settlement applications that can be used inside of a single company, to new use cases for AML, KYC, and digital currencies.
The lab is scheduled to be up and running in October, with the first set of prototypes developed by the end of this year, says Wintermeyer.