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The final stage of bank blockchain test: HSBC and Barclays Bank joined the list of settlement currencies

Time : 04/01/2022 Author : wcs8ev Click : + -
        The project, called utility settlement currency (USC), aims to help the central bank's digital currency by making it easier for global banks to use mortgage assets for extensive transactions on the customized blockchain. The next stage of the project & mdash& mdash; It will include six members: Barclays Bank, CIBC, Credit Suisse, HSBC, MUFG and statestreet. It will cooperate with the financial institutions UBS, New York Mellon bank, Deutsche Bank, Santander bank, nex and blockchain startup clearmatics to build the last implementation project.
 
        Although USC's launch scope is limited, Hyder Jaffrey, head of strategic investment and fintech innovation at UBS, explained the potential impact of the project one day. He told coindesk:. However, before the establishment of the platform, Jaffrey and the USC team are giving priority to further development. They have created a testnet (bitcoin test network) for the project to support password marking by using collateral. Part of the third phase announced today is the formal transfer test of ownership and the accurate equivalent definition of the transferred cash to simulate what real-time point-to-point transactions look like.
 
        In that transfer test, the group will use a guaranteed token to explore. Jaffrey said that by simplifying a complex intermediary network into an instruction based transaction on the blockchain, the purchase and sale of assets can be simplified. Jaffrey said: "we have a very strong feeling that we have a feasible structure for USC, which supports such things as settlement, ownership transfer, and definition of cash equivalents.". It is the members themselves that drive these business needs. Jaffrey said that the team is slowly expanding, in parallel with the "momentum" of the project. Kaushalya somasundaram, fintech partner and head of strategy at HSBC, reiterated Jaffrey's belief that USC can help chart the way forward for the central bank's digital currency.
 
        "The settlement currency will be a guaranteed digital currency supported by the cash assets of the central bank, which allows us to easily transfer ownership through USC transactions, thus reducing the complexity of the process and the time to solve problems.". In 2015, Swiss banking giants UBS and clearmatics first disclosed the concept of public utility settlement currency, which is the latest one in more and more blockchain projects. These projects can enhance the effect by issuing fiat currency on the blockchain. Jaffrey recently issued a response statement. He explained that using traditional fiat currencies to pay for the assets on the blockchain may once again introduce the security loopholes of the centralized mode.
 
        According to Jaffrey, this kind of structural work has been completed. Testing technical elements is considered to be the key to the commercial operation of financial institutions, but it has started in a "pre living" environment. The newly started third phase is expected to run for about 12 months. Jaffrey said that the first guaranteed token transaction using the platform could be realized as early as the end of 2018.
 
        
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