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The Deutsche Bundesbank and Deutsche Börse tested the settlement of securities transactions using blockchain technology. This shared the two institutions Thursday in Frankfurt. The test included two prototypes designed to facilitate settlement of securities transactions, payments, interest payments and repayments at the end of a bond. An internal development based on the technology of the open source project Hyperledger Fabric, as well as the blockchain technology of the American startup Digital Asset has been tested.
According to the Bundesbank, both procedures are suitable for the operation of a financial market infrastructure and can serve as a basis for further developments. "We expect a rapid and continuous development of technology and also see the potential to apply it in high volume systems," said the Federal Banking Burkhard Balz, according to the announcement.
More efficiency in transaction processing?
Principle of the blockchain technology: all transactions are recorded by successive chronological data blocks, each block containing the hash value of its predecessor. The result is a tamper-resistant block chain that is distributed in a user-to-user network and adapted by everyone. All manipulations will be noticed immediately. The best-known use scenario for a blockchain is Bitcoin Cryptocurrency. However, the financial world does not focus on the currency aspect, but hopes forward-looking and efficient methods for managing transactional processes of various types.
If the technology is actually more efficient than previously used systems, but has not been subject to the tests mentioned in the "blockbaster", as shown in the detailed report. For more detailed cost-benefit badysis he was told. The benefits include a higher latency level and a higher processor load, as well as greater robustness of the infrastructure and easier reconciliation of shared data.
Closed instead of open blockchain
Conceptually, however, a stock market blockchain clearly differs from a system designed for maximum openness and decentralization, such as Bitcoin. Participation is possible only with the authorization of the authorities. Preferred participants are also defined. Transactions can be verified and entered into new blocks. Mining has called, Bitcoin, a complex competition in the hash hash, which distributes the right to block production and also regulates also the creation of money, in such a system, for example, not necessary. Such closed architecture is also needed "to meet regulatory requirements in the financial sector," said Bundesbank President Balz. (With dpa material) /
(Axk)
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