ICAP, a leading markets operator together with provider of postal service merchandise gamble mitigation together with information services amongst to a greater extent than than $1.6 billion inwards revenue, announced that its Post Trade Risk together with Information (“PTRI”) partitioning has successfully carried out a proof-of-technology airplane pilot exam using blockchain technology.
The ICAP PTRI partitioning plans to occupation its newly developed proof-of-technology protocol to grip post-trade processing, a procedure inwards which the buyer together with the seller compare merchandise details, alteration ownership records, transfer securities together with cash together with approve transactions.
The foundation together with infrastructure of ICAP’s blockchain technology-based proof-of-technology protocol is developed past times a New York-based applied scientific discipline theater called Axoni.
By using Axoni’s pre-developed blockchain-based organisation together with the Harmony network’s multi-asset messaging together with matching platform, the ICAP proof-of-technology protocol imports matched messages from the Harmony network together with converts them to shop the property information on their blockchain network through smart contracts.
The ICAP PTRI partitioning successfully carried out its showtime official exam of its blockchain-based proof-of-technology protocol amongst ix illustration player nodes on their blockchain network.
During the airplane pilot test, the PTRI squad stored the imported property information from the Harmony network onto the blockchain network using smart contracts. The smart contracts were together with thence distributed to the ix player nodes that had the mightiness to execute traditional post-trade processing settlements such equally merchandise valuation, compression, verification together with reporting.
“In successfully completing a proof of applied scientific discipline test, ICAP has demonstrated i of the showtime existent basis applications of distributed ledger applied scientific discipline that has the mightiness to significantly transform the postal service merchandise landscape,” announced the ICAP PTRI division’s CEO Jenny Knott.
“Realizing the value of ICAP’s unique portfolio of PTRI businesses together with investee companies, nosotros bring combined our expertise, networks together with applied scientific discipline amongst Axoni’s distributed ledger applied scientific discipline to force the boundaries of postal service merchandise innovation,” she continued.
The airplane pilot exam of the proof-of-technology protocol demonstrated its potential inwards optimizing many conventional services inwards the finance sector. The ICAP PTRI partitioning outlined that its applied scientific discipline has the potential to execute the next services:
- Provide a mutual golden origin of user transaction together with reference information cross asset;
- Enrich together with heighten the accuracy together with timeliness of information past times users together with attach farther information;
- Continuously update copies of the information to live on stored locally on users’ servers;
- Securely code messages to live on viewed solely past times permissioned participants;
- Reduce operational gamble together with amend reconciliation together with operations processes
- Realize multiple dorsum purpose together with applied scientific discipline damage savings.
Marking the successful exam of its proof-of-technology equally a starting point, ICAP aims to occupation together with distribute its proof-of-technology to maximize its potential inwards the traditional finance sector. In the adjacent few months, the PTRI partitioning volition collaborate amongst the participants from the airplane pilot exam together with assess the technology’s efficiency inwards supporting disparate fiscal systems. ICAP volition besides acquit interrogation to evaluate the regulatory side of using a permissioned blockchain to heighten post-trade processing settlements.
Axoni, the society behind the proof-of-technology protocol of ICAP, is i of the fiscal applied scientific discipline startups funded past times Euclid Opportunities, an early on phase funding computer program of ICAP. Throughout 2016, ICAP’s PTRI partitioning volition boot the bucket on to collaborate amongst Axoni to revolutionize post-trade processing amongst blockchain-based products together with services.
“Partnering amongst ICAP was an slow choice,” said Greg Schvey, CEO of Axoni. “There’s no shortage of request for distributed ledger projects. ICAP’s thoughtful consideration of where this applied scientific discipline tin live on nearly valuable, its ambitious deployment objectives, together with market-leading customer accomplish offering a high probability of success when combined amongst Axoni’s advanced blockchain infrastructure.”
The postal service Global Markets Operator ICAP Successfully Implements Blockchain Technology Pilot appeared showtime on Bitcoin Magazine.
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