15 Banks Have Joined The Testing Of The DTCC Blockchain Platform

0
208
Bitcoin News

15 Banks Have Joined The Testing Of The DTCC Blockchain Platform

Yesterday it became known that one of the world’s largest British financial conglomerate Barclays will take part in the testing of the blockchain platform developed by Depository Trust & Clearing Corporation (DTCC) for its client service of Trade Information Warehouse  (TIW).

DTCC is the largest operator in the world of financial data processing transactions for 1.6 quadrillion dollars a year, and its new platform for cloud storage of data about derivatives on the basis of the distributed registry for TIW is one of the most ambitious corporate blockchain projects. Technical Director of the Investment Bank Barclays, commenting on the news of cooperation with DTCC, emphasizes the importance of the project for the entire financial industry:

“We are excited to work with DTCC, our partners and colleagues on this exciting project, showing that distributed Ledger technology is opening the way to greater efficiency, lower costs and reduce risks within the industry.”

TIW handles 98% of all credit derivatives transactions in the world, totaling $ 11 trillion. Clients of TIW ARE the world’s largest traders and more than 2.5 thousand companies-buyers of derivatives in more than 70 countries.

In an official statement, the company said that it plans to move to the phase of open testing before the end of this year. During the open testing period, which will last until the end of the first quarter of 2019, other market participants will also be able to check the operation of the platform.

Today, more and more companies offer their blockchain solutions for the financial services industry. Among them Chain, Digital Asset Holdings and a consortium of R3, which is developing a platform Corda in collaboration with Microsoft.

Last year, Barclays joined the CLS consortium to increase the efficiency and security of the cryptocurrency market together with JPMorgan Chase, Goldman Sachs and Bank of China. The blockchain platform, developed as a new way of buying and selling 140 world currencies, operating outside the existing CLS payment system, processes more than $ 5 trillion of payments from 24,000 customers daily. Earlier this summer, the Bank also participated in testing blockchain solutions to optimize banking processes from IBM.

LEAVE A REPLY

Please enter your comment!
Please enter your name here