HSBC, Barclays joined USC at the final stage of the bank block chain test


nnnThe USC is able to reduce the complexity of the process and the settlement time by making an endorsement of the central bank’s cash assets and trading and settlement in the chain. The current stage of the project into the last stage, Barclays and other institutions also joined in. Platform will be the end of 2018 the official on-line mortgage token.n
nnTranslation: Annie_Xun
nSeveral of the world’s largest banks have announced a series of measures to facilitate the central bank to issue currency in the chain chain.n
nThe project name USC (Utility Settlement Coin), the purpose is to allow global banking institutions in the custom chain chain with each other through the mortgages of various transactions for the central bank to issue encrypted currency to prepare.n
nIn the final stages of the actual deployment, six new members were added: Barclays, Credit Suisse, HSBC, State Street, Mitsubishi UFJ Financial Group (MUFG), Canada (CIBC), founding members UBS, BNY Mellon, Deutsche Bank, Santander, NEX and Clearmatics, a chain-based start-up company.n
nDespite the limited scope of the USC project, Hyder Jaffrey, Director of Strategic Investment and Financial Technology Innovation, USC, explained the future potential of the project:n
nn”It can show that the central bank to choose to continue to promote the way, we will see it as a future stepping stone, the central bank will issue encrypted currency.”n
nnBut before the platform reached the future, Jaffrey and the USC team to further develop the main, set up a test network for the project, with collateral to support the encryption token.n
nThe third phase of the body that has been disclosed includes formal testing of ownership transfers and their exact peer-to-peer definitions, simulating real-time end-to-end transactions among members.n
nJaffrey said it was “necessary for the platform to run.”n
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nFirst testn
nJaffrey pointed out that in the ownership transfer test, the agency tried to simplify the sale and purchase of assets through tokens mortgages, simplifying the complex brokers network into a single currency-based block chain transaction.n
nIn short, the asset holder obtains the mortgage token directly and does not need to pass through the traditional clearing house network.n
nJaffrey explained:n
nn”We strongly feel that we can provide a viable framework for the USC, enough to support the final settlement of the settlement, the transfer of ownership, the definition of currency equivalence.”n
nnThese business objectives are their own requirements, Jaffrey said the agency has been slowly with the development of the project to increase these requirements.n
nHSBC Financial u0026 Technology Partnerships and Strategy Director Kaushalya Somasundaram reiterated Jaffrey’s confidence that USC could portray the future of the central bank’s encrypted currency, which is one of the reasons for HSBC’s joining.n
nShe introduced his own token of the final mode of operation to guess:n
nn”USC will be the mortgaged digital currency, the central bank’s cash assets endorsement, let us simply through the USC transaction to complete the transfer of ownership, thereby reducing the complexity of the process and settlement time.”n
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nAnd then firm beliefn
nUBS and Clearmatics for the first time in 2015, the USC concept, one of the recently added large block chain projects, can be simplified by issuing legal money on the chain chain.n
nIn response to Citigroup’s statement, Jaffrey said that the use of traditional denominations to pay the zoning of the chain of assets had the risk of creating the same security flaw in the central model.n
nTo this end, last year the USC launched the second phase, focusing on the legal and regulatory compliance of the decentralized system.n
nJaffrey said that the current architecture has been completed, the technical test of the financial institutions of business activities is very important, but has begun “on-line” environment.n
nThe first phase of the first phase lasted for about 12 months, and then began to be Jaffrey called “on-line stage” of the fourth stage, the first use of the platform on the line of mortgage tokens as soon as possible by the end of 2018 to complete.n
nAccording to Jaffrey, the aim is to use large-scale interoperable block-chain platforms.n
nEchoing the excitement of the final stage of the sprint, Somasundaram said:n
nn”This is a great step forward for a more ambitious project, such as the central bank issuing a digital currency.”n

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