Innovate Finance, the independent membership association serving the global FinTech sector, has recently announced that it will set up a blockchain lab in partnership with the Hartree Centre, a research facility founded by the UK Government’s Science and Technology Facilities Council.



The Innovate Finance blockchain members have been seeking to work together on developing use cases for blockchain in financial services and to help expedite its adoption as a viable infrastructure to build new applications.



“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.



Participants of the Innovate Finance lab will leverage the power of Hartree’s high-performance computing (HPC) solutions for their blockchain exploration. By combining the two forces, the lab will set out to develop practical use cases for blockchain, ranging from payment settlement applications catering to a single company, to new use cases for AML, KYC, and digital currencies.



“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” said David Moss, Advanced Technology Solutions Manager at the Hartree Centre. “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 up and running in October with the first set of prototype use cases developed by the end of this year.