Citibank, HSBC and seven other financial institutions launched a blockchain bond data management project, R3 showed its support

Seven financial institutions including瑞士信贷银行Suisse,花旗银行and汇丰银行announced the launch of a blockchain data management trial. The project has received full support from blockchain company Axoni and the R3CEV alliance.

The project will last for several months and is aimed at buying and selling companies. It aims to build a distributed ledger prototype to improve risk management, solve cost and efficiency problems when managing financial standard data. Project participants also include美国证券公司代表证券业及金融市场协会.

The prototype reportedly uses Axoni Core , Axoni’s proprietary distributed ledger software, which can simulate standard data cooperation management in corporate bond issuance.

The official statement said:

The technology allows participants to conduct standard data management after the bond is issued. Any changes need to be verified by the insurance company, which ensures that the data record provided in the ledger is unique and unchangeable for the bond.

The companies involved said the project is a model for how regulators and network participants can use distributed ledger technology to observe who creates, issues and modifies data records.

David Rutter, CEO of R3, and Emmanuel Aido, Head of Blockchain and Distributed Ledgers at Credit Suisse, detailed the benefits this new approach to data management will bring to the financial industry:

In today's market environment, data quality is extremely important to financial institutions. Unfortunately, their risk control and settlement processes are too dependent on traditional systems and processes. Such processes are often manually managed and modified with incorrect or incomplete standard data.