Global Banks Test Ripple's Digital Currency in New Blockchain Trial
It's no secret that cryptocurrencies have undergone a dramatic rebrand. No longer perceived as a threat to banks and governments, cryptocurrencies are now being hailed as "digital assets". As more and more financial intuitions become comfortable with the blockchain technology on which they are based, they are openly discussing a future when the financial tools are just another part of the industry. Now, a dozen banks have announced the completion of an initiative during which they tested a potential application of a digital asset. Revealed today, 12 member banks of blockchain....
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Mizuho Financial Group announced this week it will pilot Ripple's distributed ledger technology for use in cross-currency settlement. The trial will find the Japan-based financial services firm and R3 member, along with SBI Holdings, using Ripple's payment solutions to explore how cross-border payments could be conducted between the financial institutions. R3 will act as the consultant on the project. Representatives from Ripple said the trial is expected to evolve to the point where real payment information, and eventually, real funds, are moved between the companies. The startup, which....
A consortium of financial institutions led by startup R3CEV has completed a trial of five different blockchain solutions. The blockchain concepts tests were presented by Eris Industries, Ethereum, IBM, Intel and Chain, according to reports by Reuters and The Wall Street Journal. Preparations began early last month, culminating with the test during the last two weeks of February. Forty banks took part, drawn from the collection of banks that have thrown their support behind the R3-led consortium. A number of those banks have launched trials of their own in addition to the work conducted as....
The Monetary Authority of Singapore (MAS) will soon test how it could issue digital currency using a blockchain-based interbank payment system. According to Bloomberg, the planned proof-of-concept will be supported by blockchain consortium R3CEV, as well as eight banks and an unnamed local stock exchange. The Development Bank of Singapore, HSBC, Bank of America, JPMorgan, Credit Suisse and Bank of Tokyo-Mitsubishi are all said to be participating. In a speech on Wednesday, MAS managing director Ravi Menon said the test could come to include other central banks. Further, he credited the....
The People’s Bank of China (PBOC) has completed a trial run of digital currency based on blockchain technology. According to a recent report from Chinese publishing giant Caixin, the central bank completed a trial that saw transactions settled with its own digital currency. Developed by the PBOC, the digital currency was tested on a blockchain and the trial was completed in mid-December 2016. The trial took place on shared distributed ledger that saw several major commercial banks as participants. The world’s largest bank by assets, the Industrial and Commercial Bank of China along with....
Ten global banks have tested a distributed ledger-based know-your-customer registry through the R3 blockchain consortium. BBVA, CIBC, ING, Intesa Sanpaolo, Natixis, Nordea, Northern Trust, Société Générale, UBS and US Bank took part in the three-month initiative, R3 said earlier this week. The registry enabled the banks involved to create and manage digital identities within a shared system, providing a mechanism for adhering to KYC regulations in the finance space. The startup said of the test: “The project simulated establishing the identity of both a legal entity and an individual using....