Innovate Finance, the UK government-backed fintech membership association, today announced it will 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 collaboration with IBM.
The proposed lab is a response to Innovate Finance members seeking use cases for blockchain technology in financial services and to help accelerate its adoption as a viable infrastructure to build new applications.
Participants in lab will bring blockchain knowledge to the center. In return, they will gain access to Hartree’s high-performance computing (HPC) solutions for their blockchain exploration, which uses parallel processing to deliver unprecedented computing speeds to solve problems and provide accurate predictions and data analysis for new applications and technologies.
Innovate Finance’s CEO Lawrence Wintermeyer commented:
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.
By combining the forces of Hartree’s technology facilities and Innovate Finance’s member expertise, the lab will set out to develop practical use cases for blockchain, ranging from payment settlement applications that can be used inside of a single company, to new use cases for AML, KYC, and digital currencies, which can be adopted by players across the sector to deliver significant benefits to customers, partners, and regulators.
David Moss, Advanced Technology Solutions Manager at the Hartree Centre, said:
This is a formidable partnership built on expertise and a hunger to develop innovations that can have a meaningful and sustainable impact on the financial services sector and the UK economy.
The Hartree Centre is very excited about this new initiative and look forward to working closely with Innovate Finance members to learn from the knowledge they bring and to harness the power of our world class computing systems. Together we will examine how blockchain technology can shape a new and better future for financial services and possibly other sectors too.
The lab is scheduled to be operating in October with the first set of prototype use cases developed by the end of this year.
Benefits of the lab to Innovate Finance members include access to a blockchain sandbox, which will enable participants to tap into and experiment with new blockchain platform technologies and to test the use cases that are developed.