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The German banking and financial services company Commerzbank and the technology companies Continental and Siemens jointly conducted a pilot project for the transaction of money market securities using blockchain technology. Cointelegraph auf Deutsch reported on the situation on 21 February.
Money market securities are short-term badets intended for financing companies and generally have a maturity of up to one year. As a rule, the processing of a payment takes two days due to a compensation process.
The above-mentioned parties have "made for the first time" a transaction involving money market securities based on a chain of blocks and involving 100,000 euros ($ 113,340) as part of a pilot project in January. , during which Continental acted as the issuer of the title. while Siemens subscribed to the security of the money market as an investor.
The platform powered by the blockchain would have allowed companies to improve the flexibility, efficiency and transparency of the transaction. Peter Rathgeb, Siemens treasurer at Siemens, said in a February 21 press release:
"Much faster processing times and faster time to market demonstrate the obvious benefits of this technology. [blockchain]. The main challenges concern security and performance issues, as well as legal issues such as the need to create a consistent European standard and to understand the law of chain block transactions. "
At the end of 2018, Commerzbank, in collaboration with the French investment and finance bank Natixis, and the Dutch financial services firm Rabobank completed a $ 100,000 commercial paper transaction ($ 113,340). on the Corda platform. Commerzbank has developed the pilot framework, software and distributed general led trade (DLT) network, as well as instructions on regulatory implications.
Previously, Siemens had joined a scalable block chain platform, the Energy Web Foundation (EWF), to promote the use of decentralized technologies in the energy sector. Siemens officials have argued that blockchain technology would help increase interoperability in the region, connecting consumers to power producers and grid operators.
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