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BNB Paribas; In order to measure the efficiency of the Ethereum (ETH) and Tezos (XTZ) platforms in financial processes, he joined several organizations and started a new test study. BNB Paribas, the ninth largest bank in the world, will partner with CA CIB, Caisse de Dépots, Tokeny and The Blockchain XDEV.
BNB Paribas wants to see if it is possible to issue an interbank digital currency that banks will use between them and support it with blockchain technology. Wondering how useful distributed ledger (DLT) technology would be for such a coin, the bank has launched a new process to test the Ethereum (ETH) and Tezos (XTZ) networks.
Here are the details of the project based on Ethereum and Tezos
Ethereum and Tezos networks were preferred early on for the pilot study to be conducted in collaboration with BNB Paribas, CA CIB, Caisse de Dépots, Tokeny and The Blockchain XDEV. In the press release published by The Blockchain Group, it is not explained why these networks are preferred.
According to information contained in the press release, these organizations will test what will happen if token or securities transactions within the blockchain network are atomized. The five partners who came together for this study plan to test a feature called atomic delivery. This feature is designed to increase the speed of transactions and reduce costs. The Reserve Bank of Australia met with several organizations earlier this month to see if the atomic transaction function could be adapted to digital central bank (CBDC) currency.
Partners will conduct several experiments as part of the pilot study and will examine whether this project can be used with different technologies. These five names, who will work on public and private blockchain platforms, will try to trade different currencies between different different parties using these platforms.
The studies will be completed next year
According to data from SP Global, these studies, which include the eighth largest bank in the world, will not only measure the efficiency of the Ethereum and Tezos networks. According to the information in the announcement, the partners will also collect information on the legal dimension of these transactions during these studies. The information obtained in this process will be used to assist the European Union in regulating digital assets.
The partners therefore announced their intention to intensify this work as much as possible and to work with other financial institutions in Europe. Inviting international organizations to join the partnership, these five names have announced that the pilot study to be carried out will be completed in 2021.
