The Banking Industry Completes a Smart Contracts Blockchain Test
A number of banks and financial firms have completed a long-running blockchain test involving a smart contract prototype developed by blockchain firm Axoni, for equity swaps. Following months of testing, enterprise blockchain solutions firm Axoni has revealed a long-running blockchain test processing over-the-counter (OTC) equity swaps. Participating banks include JP Morgan, Citi, Credit Suisse and Barclays. Financial support industry firms IHS Markit and Thomson Reuters, along with consultancy firm Capco also took part in the test. Fortnightly meetings were conducted among participants....
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With contributions from Zerado, FinTech Network have produced a whitepaper that looks at smart contracts and how they could improve efficiencies within the banking sector. The whitepaper highlights: How smart contracts aim to provide security that is superior to traditional contract law and ways they can reduce other transactional and administrative costs. The workings of Ethereum as one of the best examples of smart contracts in practice. Ways that smart contracts could benefit areas such as mortgages, clearing and settlement, KYC & bonds. How challenges with conceptual misalignment,....
Interdealer broker ICAP announced today that it has completed an internal blockchain technology trial focused on securities post-trade processes. ICAP's Post Trade Risk and Information division conducted the test last month, completing it on 26th February, the firm said, with blockchain startup Axoni providing the software infrastructure for the trial. The UK-based firm said that the test involved the use of a multi-asset messaging and matching network called Harmony, from which messages were converted, in real time, to smart contracts built on a blockchain. ICAP explained: "The....
Hackers are soon going to be the new lawyers as the adoption of smart contracts increase in the near future. The advent of Blockchain 2.0 and Blockchain 3.0 has given rise to new ways of automation using Bitcoin’s underlying technology. There are special cryptocurrency platforms like Ethereum, Rootstock, Counterparty, Lisk and more that allows people to create smart contracts on the blockchain. These smart contracts enable automation by allowing developers to set trigger conditions. These trigger conditions are certain prerequisites, when met, will execute the function programmed on the....
The Singapore banking industry is hot for fintech and blockchain technology. The United Overseas Bank (UOB) recently had its accelerator program FinLab on August 3, which included participating in financial technology solutions and “smart contracts as a service.” Singapore Bank Mentors a Blockchain-Based Smart Contract Project. The Singaporean....
Increased automation in banking and financial sector by implementing blockchain technology based smart contracts may not have a significant impact on employment opportunities in the sector. Bitcoin’s underlying blockchain technology has already expanded from just being a ledger, keeping a record of all transactions happening over the network to a widely adopted technology across industries. Smart contracts based on blockchain technology can be used to automate various process across industries. The major application of blockchain technology currently lies in the banking and financial....