Banks Simulate €100,000 Trial Transaction In R3

Banks Simulate €100,000 Trial Transaction In R3

A group of banks from Germany that is working with R3 consortium have been able to have a successful replication of the sale of 100,000 securities. Th

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A group of banks from Germany that is working with R3 consortium have been able to have a successful replication of the sale of 100,000 securities. This was done on a distributed ledger platform. The banks that tool part include Commerzbank, KfW banking and MEAG. The effort by the consortium of banks was all done in order to conduct a test on the Corda Platform by R3. The companies involved said that the trial that was conducted aimed to show how an individual money market instrument could be used to make for faster transactions as well as fewer intermediaries. It was traded by the use of the distributed ledger technology.

Efficiency

The platform was built by the use of the Corda platform by R3. Apparently the technology increases the levels of transparency in the industry via real-time visualization. The combination, according to the company, gave a true example of how much efficiency can be gained by using the platform.

Revolutionary

In their statements they claimed that giving a value date on the same day can significantly reduce the risk of settlements. They severally insisted on the real time aspect of the items in their statements. They also gave the attendees an insight into how it might change the practices of the industry.
They claim that it gave them the opportunity to conduct and analysis of the impact of the blockchain from the perspective of an investor. This is according to the managing director at MEAG, Frank Wellhofer.

Market readiness

As they move on they are willing to assess how ready the market is for their products. They intend to do so via the use of interfaces where the users can report on the effectiveness of the product. This information will then be given to the regulators.

Conclusion

This trial can be said to be the latest in major banks that involves the use of the R3 software. The version of the program available for mass production will be available later in the year.

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