Several large financial institutions, including JPMorgan Chase, Goldman Sachs, BNP Paribas, Credit Suisse and Citi, conducted a pilot swap test with securities based on distributed ledger technology. This is reported by the PRNewswire.
The participants of the pilot project concluded that using blockchain it is possible to improve the efficiency of various operations in the financial market. In particular, organizations noted that when all participants in a transaction use identical and unalterable data, transaction payments can be processed faster, because they require fewer different approvals and exclude the possibility of disputable issues.
The testing was carried out on the basis of the AxCore block-platform developed by Axoni, which uses a standard data structure that meets the requirements of the International Swaps and Derivatives Association (ISDA).
Equity swap data is infamously complex and difficult to manage, making it a terrific fit for distributed ledger technology. We're delighted to have reached another key milestone alongside our partners on this project and grateful for their collaborative efforts to demonstrate how powerful this tech can be.
At the end of last year, the blockchain-based start-up Axoni managed to raise $ 18 million from major international banks and venture investors, and in May 2017 the company raised more than $ 20 million within the A series investment round.