Banking Industry Execute a Smart Blockchain Test
What is block chain technology ?
Blockchain seems to be the high tech alteration for Bitcoin, because it stands as the evidence for all transactions globally. Ledger where all of its transactions are distributed in a single network. Transactions are stored on ledger across the network , that can be verified by the users among the networks.
Here you can find how banking industry execute a smart 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 during the four month testing period, which saw Axoni’s blockchain prototype installed by the firms on their premises or via a cloud environment.
Smart Contracts for Blockchain
The smart contracts were generated from a combination of trades submitted by dealers on the blockchain network, as well as inputs based on simulated legal confirmations from Markit’s MarkitSERV processing platform. As a result, the much-vetted ‘golden record’ for each transaction was established in a synchronized manner across the distributed ledger. Traditionally, a golden record for an OTC trade was only possible with a trusted third party clearing house, or an authority like the DTCC.