The Central Bank of Canada conducted a study according to which blockchain technology can be used for automation of securities settlement.
The study, called Project Jasper attended a non-profit organization Payments Canada, the Central Bank of Canada (Bank of Canada) and Stock exchange operator TMX Group Toronto. They confirmed that blockchain technology, which was originally created for cryptocurrencies such as BTC, but is also suitable for instant licenzirovanie and the exchange of asset and money.
Now payments can be delivered in such a way that it never previously carried out, namely, by direct exchange of cash between sellers and buyers, which leads to instant calculations.
said Jerry Gaete, President and chief Executive officer Payments Canada
The first pilot project based on the blockchain, was announced in 2016. His latest stage started at the end of last year. However, senior specialist, Bank of Canada Scott Hendry expressed doubts regarding the advantages that could offer a system from the point of view of savings.
We are not sure that after completing this work, participants will be able to save. It is unclear whether or not banks and bidders benefit from this system of calculations.
This week, the company Ripple announced the results of a test run of the platform xRapid. Thanks to blockchain platform, the time required for cross-border transfers, was reduced from several days to several minutes. In addition, xRapid saves up to 70% commissions.
Last month JPMorgan Chase tested the blockchain-a platform to improve the procedure of issuing debt.