40 banks begin trial of R3 blockchain commercial paper trading solution

A consortium of financial institutions led by blockchain startup R3CEV has completed five different blockchain solutions.

According to Reuters and the Wall Street Journal, these blockchain concept tests were submitted by Eris Industries, Ethereum, IBM, Intel and Chain. Their preparation began at the beginning of last month, and the tests culminated in the last two weeks of February.

It is reported that 40 banks have participated in this test, some of which have also carried out their own blockchain experiments. The report also stated that Amazon, Microsoft and IBM are responsible for providing cloud-based services for this test.

In January, the R3CEV blockchain consortium also conducted a small-scale test with 11 banks, using Microsoft’s Azure blockchain-as-a-service platform and a new version of the Ethereum network. The consortium also expects that government regulators will also participate in the test in the future.

Eris Industries COO Preston Byrne told reporters that one of its recent tests was using a blockchain network to facilitate trading in debt instruments.

“Participants can model a financial asset, commercial paper, a short-term debt instrument. You can create it, you can buy it, you can sell it, you can redeem it,” he said. “We were asked to model a series of smart contracts that would serve as a template for a commercial paper transaction.”

“There’s no clear playbook on how to evaluate these technologies right now, and we hope to help provide some clarity,” R3 editor-in-chief Tim Grant told the Wall Street Journal.

Original article: http://www.coindesk.com/r3-consortium-banks-blockchain-solutions/
By Stan Higgins
Compilation: Overnight porridge
Source (translation): Babbitt Information (http://www.8btc.com/r3-consortium-banks)