Te a press release communicated to CCN by the Bankgebouw of Ireland today, the canap has, ter partnership with Deloitte, announced the completion of a proof-of-concept blockchain trial.
The Bankgebouw of Ireland, ter collaboration with services stiff Deloitte has successfully ended a snaak proof-of-concept blockchain trial. The trial demonstrated the implementation of a distributed ledger spil an accessible gegevens layer, overheen existing financial systems while focusing on trade reporting.
Ter a press release communicated to CCN by the Canap of Ireland today, the canap has, ter partnership with Deloitte, announced the completion of a proof-of-concept blockchain trial.
The successful trial demonstrated the means for distributed ledger technology to enable banks to combine the innovation, with existing banking systems, the bankgebouw exposed.
The trial combined synthetized gegevens from numerous systems te BOI&rsquo,s Total Markets division. The gegevens and its associated functions successfully formed an &ldquo,immutable, distributed, searchable repository of information&rdquo, visible across the entire trade cycle. Clients, relationship managers and regulators also took part te the trial, with their capability to view and conduct real-time auditing of transactions through a browser-based user interface.
An samenvatting from the press release provided by the Bankgebouw of Ireland read:
The trial highlighted the significant benefits that a blockchain implementation can bring to financial institutions by providing an accessible gegevens layer that sits overheen existing systems, connecting thesis systems to form a single, real-time view of the customer and transaction.
Furthermore, the conclusion from the trial eyed it gezond to believe that a utter implementation of blockchain technology would render irregularities such spil transaction histories &ldquo,practically unlikely.&rdquo,
The research conducted through the proof-of-concept trial also exposed that many forthcoming regulatory requirements were met.
Altogether, the research points to an improved client practice and regulatory oversight, at a lower cost than the conventional banking systems.
Te a statement, David Tighe, head of innovation at Bankgebouw of Ireland said:
BOI is permanently investigating how technology and innovation can improve the customer practice, while also ensuring that systems and procedures address switches ter regulatory requirements being introduced across Europe.
Speaking to Silicon Republic, Stephen Moran, innovation manager at BOI pointed to value and scalability spil the next step te its foray into blockchain-based solutions. He drew a parallel to bitcoin&rsquo,s latency, noting that banks could do better.
One of the fattest issues with cryptocurrencies is latency, which is seven transactions a 2nd.
But, the underlying blockchain technology could be harnessed and scaled to 20,000 transactions a 2nd by a canap.
&ldquo,While blockchain technology can be seen spil disruptive, it can actually complement a handelsbank&rsquo,s existing legacy systems,&rdquo, he told the publication.