Multinational mass media giant Thomson Reuters Corp announced that it is planning to release a blockchain-based tool that will enable customers to plug market data into systems.

According to the reports by Reuters, then new tool named ‘BlockOne IQ’ will enable Wall Street companies to utilize Thomson Reuters’ data on trading systems that run on two types of blockchain – Ethereum and R3’s Corda.

Sam Chadwick, Thomson Reuters’ director of strategy in innovation and blockchain, told in an interview that the core idea of BlockOne IQ is to speed up blockchain deployment in financial markets. According to Chadwick, blockchain has not yet been used on a wide scale, although large banks, investors and other financial institutions have invested millions of dollars in this nascent technology. This is partly because of disconnecting with technologies that underpin other applications.

“A lot of the financial use-cases rely quite heavily on knowing and including real-world data, but there is really no way to do it,” he added.

Fintech circles and industry call tools like BlockOne IQ as ‘Oracles’, as they permit two different technologies to communicate with one another.