In a press release, Innovate Finance, the independent membership association serving the global FinTech sector, has announced that it will establish a blockchain lab for which it has entered into a partnership with the Hartree Centre. The proposed is a response to Innovate Finance blockchain members.
The members sought to come together to collaborate on developing use cases for blockchain in financial services. In this pursuit Hartree Center is going to help it as it is the high performance computing and data analytics research facility. It was founded by the UK government in collaboration with IBM and now playing pivotal role in the segment.
Blockchain Technology is Becoming Popular
Blockchain, the technology that underpins Bitcoin currency, is emerging as a popular choice among users and banks and almost every organization that is looking for revolutionary financial technology. It was built to provide a digital record of transactions on a visible ledger that is shared between different parties.
Moreover, as blockchain is emerging as one of the most talked about FinTech innovations due its potential in transforming the way the world interacts with the digital world from automatic identity authentication and data keeping to money transfer, the interest is growing up. The decision by Innovate Finance is just an indication that it too is interested in the new tech.
The New Partnership Will Bring a Wealth of Blockchain Knowledge
According to Innovate Finance, the participants of the lab will bring a wealth of blockchain knowledge to the center and in return, they will leverage the power of Hartree’s high-performance computing (HPC) solutions for their blockchain exploration. Hartree is special for various reasons that have been cited in the press release.
For instance, Hartree uses parallel processing to deliver unprecedented computing speeds to solve problems and to provide accurate predictions and data analysis for new applications and technologies. Talking about the partnership Innovate Finance’s CEO Lawrence Wintermeyer said that they are excited about the prospect of the members openly collaborating to deliver use cases to the wider community.
He was quoted saying that if they can use the lab to develop open standards for the blockchain in financial services, they will be moving one step closer to accelerating the mass adoption of this breakthrough technology. Nonetheless, the two organizations are going to help not just each other but the Bitcoin technology at large in finding the new financial solutions.
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