The push to develop blockchain technology for use in the traditional financial services sector will be the focus of a pair of new workspaces that KPMG International and Microsoft Corp. launched on Wednesday

The workspaces aim to bring the financial services sector and developer communities together to help build practical applications for blockchain technology. The first worksites, which they are calling Blockchain Nodes, are being opened in Frankfurt and Singapore, with plans for a third location in New York.

“The Blockchain Nodes will play a critical role in identifying new applications and use cases that blockchain can address,” says Eamonn Maguire, global and U.S. leader for KPMG’s digital ledger services, in a statement. “They will enable us to work directly with clients to discover and test ideas based on market insights, creating and implementing prototype solutions that use this innovative technology.”

The primary focus for the initiative will be applications for financial services, the firms say, with future plans to examine how blockchain technology can optimize business processes and models in the health-care sector and the public sector.

At the same time, KPMG also said that it’s expanding its strategic alliance with Microsoft to work on blockchain initiatives.

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