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Government-Backed Tribe Accelerator Garners Support of IBM, Citibank

Government-Backed Tribe Accelerator Partners with IBM, Citibank

Government-Backed Tribe Accelerator Garners Support of IBM, Citibank

Enterprise Singapore has backed Tribe Accelerator, which grows blockchain-based startups and has garnered the support of companies such as IBM, Ubisoft and Citi as corporate partners. Tribe Accelerator helps these startups to scale and implement their blockchain-based solutions using its association with such global corporations. These blockchain solutions can either directly be integrated into existing business entities or be integrated into the end-user products of daily life so that everyday problems can be tackled effectively. 

Tribe Accelerator said, 

The addition of IBM, Citi and Ubisoft into the corporate partnership-base will give participating start-ups greater access to international markets and resources beyond Singapore.”

The startups which benefit immensely from this usually belong in the media, healthcare, advertising and fintech industries. Tribe Accelerator has managed to raise USD 16.8 million for them through its global demo tour across Singapore, Shangai, Seoul and San Francisco. Companies such as Bluzelle, which provides distributed open-source database; Torus, which is a hub for digital identities; healthcare start-up Whitetech and many others have greatly benefited from the support. 

Ng Yi Ming, managing partner at Tribe Accelerator, said on Wednesday: 

“The success of the inaugural batch far surpassed our initial expectations. By ensuring all parties are aligned with a common objective, it has greatly reduced information overlaps and made solution integration prompt.”

As was previously reported on BitcoinNews.com, the blockchain accelerator had taken automobile industry giant BMW and technology corporation Intel as its corporate partners. The addition of these corporate giants will only increase the access of blockchain-based startups to the global market and resources, who can then make their blockchain solutions more accessible.

 

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IBM, Barclays, Citi Create Blockchain App Store for Financial Services

American technology corporation IBM has teamed with banking giants including Barclays and Citi to create an app store style platform for financial blockchain services.

The LedgerConnect project aims to increase efficiency in banks’ ability to access and utilize blockchain solutions from fintech and software developers, offering services in areas of market data, know your customer (KYC) processes, collateral management and sanctions screenings. Nine financial institutions were part of the proof-of-concept of the app for use by their peers.

Trying something new

Those behind the LedgerConnect project say it will benefit users by pre-approving and certifying applications as secure to be used, potentially saving research costs for banks looking for blockchain services. Dr Lee Braine of Barclays noted that a hub such as this gives banks a chance to try something new in the area, allowing them access to the various deployment options of distributed ledgers in banking, and experience in combining infrastructure-hosted and bank-hosted nodes in the private network.

The hub itself runs on IBM’s blockchain platform, offering just Hyperledger-based applications for the time being, although the founders are looking into hosting alternative blockchain solutions, citing R3’s Corda and Quorum as viable options so long as they meet the security specifications.

A good thing for start-ups?

Should the hub find success in the sector, it will not only be beneficial for the banks using it, but also for the blockchain companies whose services are being advertised. By addressing a connectivity gap as the project says it is, the number of blockchain trials by big banks such as those the Bank of Canada has become known for may decrease, allowing smaller start-up firms to have their own solutions employed by those entities.

It could, in fact, encourage further research and applications be developed now there is an easier way for their work to be advertised and used by financial institutions.

 

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