Bank of Canada’s Blockchain Trails Results shows Distributed Ledgers are Effective

Nishanth Shetty

Nishanth Shetty

May 12, 2018 1:02 pm

Bank of Canada's Blockchain Trails Results shows Distributed Ledgers... | Coindelite News
1640 Total Views

Bank of Canda’s DLT Pivot shows the Instant Securities Settlement Possible

Bank of Canada and two partners on the project revealed that their latest  “Project Jasper” blockchain trials show that distributed ledgers are efficient at automating securities settlements in real-time.

According to the announcement, the latest stage of the research effort moved on from its previous concern on payments on a proof-of-concept for “integrated security and payment settlement platform,”

Working with TMX Group, the financial services company which operates the Toronto Stock Exchange, and Payments Canada, a non-profit that serves the primary payment channels within the country.

Gerry Gaetz, president, and CEO of Payments Canada said:

“This shows that it is possible to deliver payments in a way that has never been done before – by directly swapping cash from buyers to sellers, resulting in instant settlements.”

However, there is a warning while blockchain is often promoted as a way for enterprises for cutting costs by removing agents and bringing in new capabilities, the partners showed that using the tech for settling securities transactions might not be such a money-saver.

Scott Hendry, senior special director at Bank of Canada, told:

“We’re still uncertain after doing this work that there are significant savings possible for participants. It’s not clear that all the participant dealers and banks are going to get a significant benefit out of this settlement system.”

No Comments
IBM is Looking for Blockchain Researchers

IBM is Hiring Blockchain Researchers for French Extension IBM’s chief executive told that the technology giant is looking forward to hiring nearly 2,000 people in France and most of them will be employed to focus on blockchain technology. Meanwhile, in the interview with Le Monde, Rometty told IBM is hiring …

Bank of Ayudhya Pilots Cross-Border Transaction using Blockchain

Thailand’s Bank conducted Pilot transaction using Blockchain Technology Announced on Tuesday, Thailand’s Bank of Ayudhya PCL successfully performed a cross-border transaction with a Bank in Singapore using Blockchain technology. As per the Press Release, the Bank is also known as Krungsri, stated it performed a real-time international remittance in concert …

Bank of America Wins Patent for Blockchain Security Tool

Bank of America Won Blockchain Security Tool Patent Bank of America wins a patent for a way to control access to specific features of a permissioned blockchain network, recently published document shows. The patent for a somewhat titled “system for managing security and access to resource sub-components” describes how security …

Proxy Voting Blockchain Pilot Organised by Santander at AGM

Santander Performs Proxy Voting Blockchain Pilot at AGM Banco Santander has finished a blockchain pilot that it states to enhance the process of proxy voting amid Annual General Meeting (AGMs). For the project, declared  Thursday, Santander collaborated with global fintech firm Broadridge and custodian banks Northern Trust and JPMorgan, explaining …

Alibaba CEO Jack Ma Says Bitcoin is a Bubble, Blockchain is Not

The Blockchain is Not a Bubble, but Bitcoin is, says Jack Ma Jack Ma, Alibaba founder, and chairman is now one of the latest supporters of Blockchain Technology. The billionaire CEO told Bitcoin is the bubble, but Blockchain is not. He commented recently at the World Intelligence Congress in Tianjin. …

EU Parliament Thinks Blockchain could ‘Empower’ Business and Citizens

EU Parliament believes Blockchain Technology could ‘Empower’ Small Business Members of the European Parliament thinks small business could benefit from incorporating Blockchain Technology. According to a Press Release, the Industry, Research, and Energy committee voted on Wednesday to suggest that small businesses look into blockchain payment systems in a move …

Press Release

shares