International Business Machines Corporation (IBM) has announced on Tuesday the opening of IBM Bluemix Garage in New York, which will help developers, entrepreneurs, and fintech companies to work with IBM blockchain code in the cloud.

According to the company’s press release, developers are using these Garages to accelerate the exploration of blockchain projects, which can eventually remove friction from financial transactions and prime blockchain to basically change how markets function. The Garage will be located at Galvanize’s newly launched campus.

“Having IBM’s Garage in New York City, within the Galvanize community, allows our strong network of developers and startups to leverage the power of the cloud and the expertise of IBM to competitively innovate products and apps in the growing fintech and blockchain spaces,” Jim Deters, co-founder and CEO of Galvanize said.

The Garages are helping in an effort to improve fintech innovation with the help of blockchain technology. This includes new mobile apps in banking and wealth management, and pioneering the use of distributed ledger in areas of finance like capital markets and commercial and retail banking.

IBM is working with hundreds of clients to understand the potentials of blockchain for business. Sectors like supply chains, IoT, risk management, digital rights management and healthcare to name few, are poised for a change using blockchain.

IBM’s growing network of Bluemix Garages operates in locations including Tokyo where it is helping companies like Mizuho Financial Group to explore the use of cloud and blockchain. Bluemix Garages are also located in San Francisco, London, Toronto, Nice, and Singapore. It has planned to expand its operations further in the latter half of this year.

Bluemix is IBM’s Cloud platform which launches more than 120,000 apps each month. Based in open standards, it features over 140 tools and services spanning categories of big data, mobile, Watson, analytics, integration, DevOps, security and the Internet of Things.