Blockchain News

Germany’s central bank concludes a 2-year blockchain securities settlement trial

Today, Deutsche Bundesbank, Germany’s central bank concludes a 2-year blockchain securities settlement trial recording positive sentiments along the way.

The trial was meant to test whether the distributed ledger technology can be used to record “settlements of security transactions, payments, interest payments and repayments at the maturity of a bond,” noted a press release issued by the central bank.

The project which was named BLOCKBASTER, was initiated 2 years ago, in March 2016, and sought to tap into the power of Hyperledger Fabric and Digital Asset Platform. The test was jointly carried out by Deutsche Bundesbank and Deutsche Börse.

Burkhard Balz, Member, Executive Board, Deutsche Bundesbank, said that:

“During this project, Deutsche Bundesbank and Deutsche Börse learned a lot about the usage of this technology and its concrete implementation. We expect the rapid development to continue, and also see the potential in using it for high-volume applications.”

Balz continued to note that “the approach of a permissioned architecture, which takes into account the requirements of the financial sector from the outset, has proven to be right.”

According to the Head of Clearstream Global Operations at Deutsche Börse, Berthold Kracke, the project has revealed that distributed ledger technology is suitable for use in “the field of settlement and other financial infrastructures.”

As reported by Coindesk, the central bank of Canada and South Africa are among financial firms putting blockchain to the test in the same way.

Since Hyperledger and the Digital Asset platform have both released upgrades to their platforms, the BLOCKBASTER project would have recorded even greater results if it used the new releases.

The Australian Securities Exchange is also harnessing the power of blockchain to replace its clearing and settlement system before 2022.

As Germany’s central bank concludes a 2-year blockchain securities settlement trial, do you think the adoption of blockchained technologies will increase the usage of cryptocurrencies?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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