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ING and Credit Suisse make blockchain progress (sort of...)

March 2, 2018

  In this article ING and Credit Suisse Banks talk about making progress on a Blockchain.  According to the article, "a transaction during the test was settled on R3's blockchain platform Corda, and involved the two banks swapping the legal ownership of baskets of securities worth €25 million ($30.5 million) using HQLA-X Digital Collateral Records (DCRs). During the transaction, the underlying securities remained static in DCR-linked custody accounts held by the banks. The successful test brings HQLA-X's collateral lending application closer to production, and the companies expect it to be live by the end of 2018". 

 

While they were able to complete a transaction, it wasn't REALLY on a Blockchain since the Corda platform is not a Blockchain in the truest sense.  Corda as a platform has gone so far off in their own direction that, technically, Corda is not actually using Blockchain or distributed ledger technology (DLT). Rather, R3, the company that created Corda, has chosen to develop what is being described as a “shared ledger” platform where consensus on transactions is reached only between the parties involved in the transaction as opposed to a Blockchain where all transaction data on the ledger must be broadcast to all other participants on the ledger, and all participants must agree on all the facts. R3 believes that in the banking and finance world, this network-level consensus raises privacy and scalability issues so a “shared ledger” as opposed to a “distributed ledger” is used.  So, a better title for the article would read "ING and Credit Suisse make Shared-ledger progress"...and the band played on...

 

 

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