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As the WSJ highlighted today, some of the world's biggest banks, along with post-trade utility provider the Depository Trust & Clearing Corporation (DTCC) and technology vendor Markit, collaborated with Axoni, (a FinTech Collective portfolio company) to successfully complete a series of tests using blockchain technology and smart contracts for post-trade lifecycle events of standard North American single-name credit default swaps.
The test included Bank of America Corp. and Credit Suisse Group AG, which worked with J.P. Morgan, Citigroup, Markit and technology firm Axoni, a new venture focused on applying the bitcoin technology of blockchain to banking. Markit has about half-dozen active blockchain projects, but the CDS test is “the most real proof-of-concept going on,” said Jeffrey Billingham, vice president in Markit’s processing division and a lead in its “Chain Gang” testing blockchain uses. The test “revealed to everybody the ways you can improve efficiencies and minimize costs.”
