Bank of Canada finds blockchain can be used to clear and settle stocks

By baddey dey`
Project Jasper, of which Bank of Canada is a participant, has found that distributed ledger technology (DLT) can be used to clear and settle stocks
 
DLT, commonly known as blockchain, is currently being explored across myriad industries as a means to simplify data flow whilst incorporating trust and security at every step.
 
Project Jasper, whose membership is comprised of the Bank of Canada, Payments Canada, TMX Group, Accenture, and R3, is currently developing and testing a DLT-based system which can be integrated into legacy systems.
 
Secondary goals of the project include demonstrating the financial benefits of the streamlining effects of blockchain, as well as experimenting with ways to minimise the disruption that integration of this technology could cause.
 
See more:
 
 
The latest experiment, though successful, did not provide any clear financial benefit at this stage, although Ledger Insights said this is due to the challenge of comparing results against existing complex, interconnected systems currently in place.
 
Project Jasper’s Phase III report, published on 22 October, concludes that significant expansion of scope would be necessary for the extent of the new system’s real benefits to be realized.
 
“DLT is a promising technology that has the potential to reduce costs for participants and open new opportunities," said Scott Hendry, Bank of Canada’s senior special director of financial technology, according to BNN Bloomberg.
 
“Work remains to be done to determine how it can be set up to maximize the benefits for the whole financial system.”
Share

Featured Articles

Must-attend sustainability events for executives in 2022/23

Discuss and debate the most pressing issues around sustainability at these nine executive events – from London to Abu Dhabi, San Diego to Singapore

Meet the CEO on a mission to nurture women leaders in Africa

The argument for women leaders in Africa is compelling, yet numbers are small. But one female leader is on a mission to change that – Awamary Lowe-Khan

BCG's Daniel Weise on supply chain and procurement strategy

Daniel Weise, global leader of Boston Consulting Group’s procurement business line, on the timely publication of his new book, Profit From The Source

Flexible work perks heat up as the war on talent rages

Human Capital

Meet the COO: Former Israel Defense Force cyber lead Parnes

Technology & AI

People Moves: Pinterest, Amazon, DocuSign, KFC, Walmart Ca.

Leadership & Strategy