Shenzhen Forms Syntron Information Co, Ltd. announced a partnership with IBM Hong Kong to fuel the development of blockchain tech. This collaboration has two main goals:

“The first is set up a collaborative workshop where companies can explore the blockchain use cases relevant to their business to determine their best first pilot of the technology. The second is establish a blockchain center testing start-up projects through Garage Method as a way of launching an MVP (Minimum Viable Product).”

Shenzhen Forms Syntron Information Co, Ltd. revealed that they will work with IBM, banks and insurance firms to set up a collaborative workshop. If it works well, more similar workshops will be born in the next few months.

Established in 2003, Forms Syntron has been a service provider for banks since its born. The company enjoys over 2000 financial experts with strong R&D capacity. Zhou Zhiqun, president of Forms Syntron, believes that more blockchain-based systems will be utilized by banks and they couldn’t afford to miss this great opportunity. He noted that since IBM has the most comprehensive offering in blockchain, it will help them accelerate the application of blockchain in financial services. To be specific, in terms of blockchain application, they will adopt Hyperledger Fabric and IBM Bluemix. Hyperledger Fabric is an open source blockchain technology that leverages proven technologies in providing a base architecture for custom enterprise networks and Bluemix is an open standards, cloud platform for building, running, and managing apps and services.

“We are expecting to provide a tailor-made blockchain solution built on top of IBM cloud for Hongkong businesses through the cooperation with Forms Syntron,” said Dai Zongtang, general manager of IBM China/Hong Kong Limited.

IBM’s recently released report suggests that the blockchain technology will be implemented by 14% of big banks in 2017 and 70% as of 2020.