by Joseph Young
Innovate Finance, a UK-based independent non-profit membership organization serving the global FinTech community, has announced that the firm has entered into a strategic partnership with the Hartree Centre, a research facility created by the UK Government’s Science and Technology Facilities Council to build a blockchain lab for its members.
“We are excited about the prospect of our members openly collaborating to deliver use cases to the wider community,” said Innovate Finance’s CEO Lawrence Wintermeyer. “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.”
With the help of Hartree’s technologies and facilities, the Innovate Finance’s experts and members will conduct experiments and lead researchers to search for unique practical use cases of the blockchain technology. The lab will study a variety of applications, from payment settlement applications that could be used by banks and financial institutions to applications for AML and KYC, a technology that could benefit customers, partners and regulators.
“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,” said David Moss, Advanced Technology Solutions Manager at the Hartree Centre. “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. We hope 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,”
Over the past few months, global financial institutions, organizations and banks have built blockchain labs to integrate the blockchain technology onto the existing traditional financial platforms, like banking systems. In April, Swiss Banking Giant UBS opened a blockchain research lab in London with fintech accelerator level39, to help bitcoin startups integrate and pilot their technologies onto the platforms of global banking systems.
The Innovate Finance lab aims to initiate a similar program, allowing its participants to “leverage the power of Hartree’s high-performance computing (HPC) solutions for their blockchain exploration, which use parallel processing to deliver unprecedented computing speeds to solve problems and to provide accurate predictions and data analysis for new applications and technologies.”
The Innovate Finance and Hartree Center will be launching the blockchain lab by October, and will finish the development of blockchain applications by the end of the year in order to test the use cases of the technologies with traditional financial platforms.