Tech 21 February 2019Ed Drake
Japanese securities brokerage Daiwa concludes blockchain pilot
Japan-based Daiwa Securities Group has completed a blockchain trade matching pilot, completing the second stage of testing of its proof-of-concept model, Cointelegraph first reported.
Daiwa, considered to be the second largest securities brokerage in Japan, has been working with as many as 26 industry partners in developing the pilot, including banks and institutional investors, to develop a platform for delivering more efficient post-trade processing on blockchain.
The pilot, known as “JPX Proof-of-Concept Testing for Utilization of Blockchain/DLT in Capital Market Infrastructure,” will help reduce minimize operational costs while making it easier to develop new products, through standardised processes and workflows.
By standardizing the “business rules and procedures of trade matching,” such as the methodology for calculating unit price, settlement amounts and commission, the blockchain model is seen by Daiwa as a more efficient solution to trade matching than current systems.
According to a press release from Daiwa Securities Group, the firm believes collaboration with industry through a new consortium could help administer the platform and oversee its development.
“We may need to develop a new organization or a consortium which holds responsibility of the system development and administration, budget management and fund development. We are going to discuss more about the framework of collaboration with the market participants and to conduct feasibility study in order to put this concept […] into action,” according to Daiwa.
The pilot is the latest significant blockchain project to come from Japan, at a time of increasing activity around proof-of-concept trials in the country.
On Tuesday, Japanese megabank Sumitomo Mitsui Banking Corporation announced its latest PoC on R3’s Marco Polo trade finance platform.
While the bank doesn’t yet have any formal plans to launch its own cryptocurrency, the report highlighted a number of benefits, such as reduced transaction costs and improved accountability in the financial system versus legacy payment infrastructure.
With the Daiwa proof of concept hailed a success, the bank will now look to bring its concept to market in what could amount to significant progress for the exchange and its customers.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
Tech 18 April 2019
Pakistan eyes blockchain for digitalization of government processes
A meeting chaired by Pakistan Prime Minister Imran Khan discussed ways in which technologies such as blockchain could be used to ensure efficiency of government processes.
Tech 18 April 2019
Accenture, Generali taps blockchain for employee benefits
Global management consulting firm Accenture has teamed up with Generali Employee Benefits to develop what they referred to as a unique employee benefits system powered by blockchain.
Tech 17 April 2019
Bitcoin SV and the roadmap to Genesis
Coming soon will be a network upgrade called Quasar, which is currently scheduled for July 24 and centers on increased scaling capabilities.