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:
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.
– 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
The leader in news and information on cryptocurrency, digital assets and the future of money, 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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.