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The entry of Blockchain into the world of institutional trading continued on Thursday with several banks that completed a commercial transaction using the technology. The R3 company technology company, which built the blocka platform Corda, has worked with Commerzbank, ING, Natixis and Rabobank to facilitate the transaction.
The trade took place on the Euro Debt Solution application, a system built on the Corda blockchain, and immediately followed an equivalent demo transaction that took place in September last year. Unlike many other blockchain networks, such as Bitcoin, Corda has been explicitly designed for companies. During the design, R3 placed a strong emphasis on privacy and the ability to transact and transmit contracts on it.
"The success of real-time trading on Euro Debt Solution not only shows that blockchain offers clear advantages over existing processes," said David E. Rutter, CEO of R3, "but marks the next step towards a ready solution for rope production ".
Natixis Issuer, Rabobank Investor and ING the retailer
In the transaction that took place this Thursday, Natixis acted as an issuer and Rabobank as an investor. ING was both the retailer and the guarantee agent. The trade saw a notional value of 100,000 euros issued with a one-day deadline.
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Together with R3, Commerzbank provided the pilot framework, the software and the distributed accounting network for commerce. The German bank also informed about the regulatory implications of trade.
Even the law firm Allen and Overy were involved in the business. By providing legal advice, the London-based company has developed, according to a statement issued by R3, "a complete legal framework" for the transaction.
"The impeccable execution at every stage of this transaction is extremely encouraging, Natixis will continue to work closely with R3 [and] our consortium partners are pushing for a complete commercial launch of the solution, "said Frédéric Dalibard, Natixis Digital for Corporate & Investment Banking Manager." Promises impressive progress in operational efficiency and we are delighted to be involved in this exciting event. project".
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