The Depository Trust and Clearing Corporation (DTCC) has taken the next step in its Blockchain Project by advancing in the testing phase with the partnership of 15 banks. This would be the last step before taking the technology live.
DTCC announced today of the company stepping into the testing phase. Barclays, which is a United Kingdom based global bank is one among the 15 banks participating in the testing of the project. The names of the other 14 banks were not disclosed.
All the 15 banks together will be driving the testing phase of the DTCC’s clouding platform along with the distributed ledger for the derivatives of its credit, Trade Information Warehouse (TIW).
In a statement by DTCC, it said that when the testing phase of the project, it will move to an “open testing phase”. DTCC expects the open testing phase to commence from the end of 2019.
The company has anticipated that they will be able to complete the testing phase with the 15 banks by the first quarter of 2019 and will henceforth begin with the open testing phase and will go thereafter.
Establishing a new clouding and ledger platform for the Trade Information Warehouse is a critical and ambitious project as this is an important infrastructure for all the global financial banks.
The customer base of the warehouse has major global banks and about 2,500 buy-side firms with its market participants in more than 70 countries all over the world.
The company announced its going live date at Consensus 2018 in May.
When it comes to a distributed ledger technology (DLT), DTCC has adopted a multi-vendor approach. It has provided IBM with Program Management and Integration Services.
The TIW is the basic record for all the parties which are involved in the trade of credit derivatives or are performing life-cycle events. Thus it’s a major project to capture and if successful it can change the banking experience.
Source: CoinDesk, CryptoTown