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Wall Street test: blockchain fit for credit-default swaps

Several major banks including JP Morgan Chase and Citigroup have tested blockchain. The results are encouraging as the technology proves to work well in the field of credit-default swaps (CDS).


Keeping track of the multiple over-the-counter (OTC) products is complicated, reads a Dow Jones Business News article. The test showed that the complex processes such as payments, amendments and novations currently done by the banks can be managed through a peer-to-peer network.

Participants of the test included Bank of America Corporation, Credit Suisse, JP Morgan, Citigroup, Markit, DTCC, and a technology firm Axoni which provided necessary software.

In early March, 85 test cases were conducted to assess lifecycle functionality, integration with external systems, network resiliency, and data privacy, reads the company’s website.

More:
http://www.coinfox.info/news/5254-wall-street-test-blockchain-fit-for-credit-default-swaps

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