Big businesses, including many of the world's largest banks, have been increasing their investment in the technology in hopes it can help them reduce the complexity and costs of some of their most burdensome processes, such as the settlement of securities or international payments.
IBM has been one of the most aggressive large technology companies on blockchain and has several large clients developing applications with the technology, including Northern Trust Corp, Wal-Mart Stores Inc and the Depository Trust & Clearing Corporation.
The companies aim to release the platform, built using the new IBM Blockchain, later this year.
electronic payments company MoneyGram International Inc said on Monday that peer Euronet Worldwide Inc's offer could result in a superior proposal compared to the one from China's Ant Financial Services Group.
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