The first wave of blockchain technology in financial services was very decentralized. Banks and other financial institutions were on disparate blockchains, which did not communicate with each other. This made trading, clearing and settling assets between institutions using different blockchains cumbersome and difficult.
GMEX Group is capitalizing on the emerging second wave of blockchain technology. GMEX is using IBM Blockchain to create the middleware that allows different blockchain networks to communicate with each other, facilitating trading activity between them. Moving assets from one custodian to another becomes fast and seamless, overcoming today’s lag time and lack of visibility into the process.