London-based Innovate Finance is opening a blockchain lab in an attempt to explore the distributed ledger’s potential and drive its adoption by financial services companies.

The independent membership association, which seeks to drive the UK’s position in the global FinTech sector, will open the centre in partnership with Hartree Centre – a high performance computing and research facility founded by the UK government in collaboration with IBM.

Lawrence Wintermeyer, CEO at Innovate Finance, said in a statement:

“We are excited about the prospect of our members openly collaborating to deliver use cases to the wider community. 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.”

The blockchain lab is due to launch in October and the first batch of prototype use cases are expected to be developed by the end of this year.

According to the company statement, lab participants will attempt to develop practical use cases for distributed ledger technology as well as explore new ways in which it can improve anti-money laundering and know-your-customer guidelines to benefit customers and regulators.

Innovate Finance – which has attracted more than 120 members since it launched in 2014 – is the latest organisation to open a blockchain technology research facility.

Earlier this year, Swiss investment bank UBS announced the launch of its own London-based blockchain research lab.

London image via Shutterstock

Disclaimer Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.