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Cryptocurrencies

Five banks successfully test blockchain prototype built by Axoni

Wednesday 19 October 2016 | 11:36 AM CET

Five banks, JP Morgan, Credit Suisse, Barclays, Citi and one undisclosed participant, have completed a successful test of a smart contract prototype built by Axoni, a blockchain startup.

Participating institutions that took part to the test also include two financial infrastructure companies- Markit and Thomson Reuters - and business consultancy Capco. The tests were organized by Axoni to show that the company's software is capable of handling complex post-trade services such as margin payments and corporate action processing. Further, the project was designed to automate the time-consuming lifecycle management and synchronization tasks behind single stock, index and portfolio swaps.

Furthermore, according to Axoni’s representatives, the tests demonstrate how a blockchain can be used to increase the efficiency of even some of the more complicated post-trade asset services.

In addition to testing the functionality of the smart contracts, the working group conducted 50 tests of the underlying Axoni Core infrastructure. The increasing complexity of the tests is part of a larger industry-wide push to move blockchain applications past prototype hype into real-world implementations.

More: Link
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