Blockchain company R3 has announced that it is entering into a strategical partnership with a correlative firm Axoni, as well as 7 other banking institutions, including Credit Suisse, AB (Alliance Bernstein) and HSBC.
The New York company stated that it, and its new partners, will be jointly working on creating efficient blockchain-based automate data handling systems. The partners, as the company explained, will be working through the Securities Industry and Financial Markets Association (SIFMA) to create a proof of concept in the coming months.
The participants believe that a major part of the reference data, which constitutes 40%-70% of all the finance transactions, can be automated using the blockchain technology. Once the records are consolidated on a single immutable ledger, companies won’t be required to individually maintain huge amounts of reference data. It will create a single window for all institutions to access the required transaction information whenever required from a master copy on the blockchain.
Consolidation of all reference data including information about the specification of financial products, issuer details, counterparty information, currencies, corporate actions and prices on blockchain will have to be in accordance with the existing and upcoming regulations like the Dodd-Frank Act and EMIR.
In the press statement, R3’s CEO David
Read more ... source: NewsBTC USA
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