Is the chain chain ready for distribution? Why does the bank think that the encrypted cash has great prospects


nnnThe first goal of the Multipurpose Settlement Token (USC) project is to allow financial institutions to minimize the role of the clearinghouse by maximizing the use of secured tokens supported by collateral. But as the project continues to evolve, its meaning may have a broader impact or be seen as a step-by-step approach to reshaping money. According to the project members, the project may be achieved far more than the improvement of the transaction speed, the opponent to reduce these aspects of risk, or will push the central bank to think in the chain chain issued currency.n
nnTranslation: Clovern
nIf the latest members of the Multifunctional Settlement Token (USC) project have anything to say about the project, perhaps the central bank will soon see a big wave of technological breakthroughs.n
nThe project was originally designed as a means of minimizing the role of the clearinghouse by allowing financial institutions to use the cryptographic tokens supported by collateral to achieve mutual payment, but so far this work The meaning may have a wider impact. Since the collateral associated with these tokens will be held by the central bank, the project is increasingly being seen as a step-by-step approach to reshaping the currency issue.n
nHowever, according to several members of the alliance, the possible improvements could go far beyond the increase in transaction speed and reduce the risk of counterparty.n
nThey argue that if the assets and the currency used to pay are issued through the chain chain, it may produce new financial products.n
nBarclays Investment Bank’s Lee Braine told CoinDesk:n
nn”The Multifunctional Settlement Coin project focuses on new mortgages associated with the underlying legal currency, which may create a new, backed – up digital cash tool based on distributed ledger technology.n
nnJulio Faura, head of Ronda’s bank chain chain, responded to Barclays’ enthusiasm.n
nIn an interview with CoinDesk, Faura illustrates these advantages in another way and emphasizes the ability to use encrypted classified books to run encrypted automated execution protocols:n
nHe said:n
nn”Financial institutions in the smart contract to issue the central bank currency to support the exchange of currency to achieve global exchange liquidity seems to be a very strong concept.n
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nEliminate riskn
nThe central bank’s idea of ​​issuing legal money in the chain chain has also aroused the concern of Credit Suisse’s distributed taxonomy and block-chain project leader Emmanuel Aidoo, who said the change will not only simplify the post-transaction process Then
nAidoo said he had been observing the USC project for the past 18 months before he came to the conclusion that his bank was time to get involved. Indeed, he believes that this project may affect the financial stability of the largest economies of scale, which ultimately led to his “help to promote its support.”n
nHe said to CoinDesk:n
nn”USC applications are beyond the scope of payments and can ultimately optimize profitability and efficiency of mortgage obligations and reduce systemic risk.”n
nnCentral banks around the world have already begun to explore the way in which block-chain technology is assisted in a wider range of applications.n
nThe core of this large-scale, diversified commitment is to minimize the risk of each counterparty involved in the agreement.n
nFor example, there is a substantial risk in the current exchange process called “payment delivery”, which is to ensure that securities fall down along the value chain as close as possible to the payment, thereby minimizing the price Sudden change caused by the loss.n
nSwen Werner, a new USC member and digital product manager for cash solutions at State Street bank, said, “Ensuring that financial instruments are settled in a strict payment delivery process, for industry and new distributed bookkeeping solutions Success is crucial.n
nSimilarly, Kaushalya Somasundaram, head of financial technology partnerships and strategy at HSBC Bank (HSBC), also explains how solutions developed by the help of block-chain start-ups Clearmatics can help reduce the number of risk transactions.n
nShe said:n
nn”In fact, linking digital money to central bank collateral and enabling digital money transfer will result in greater efficiency, ensuring that cash substitutability is immediately realized at all stages of the transaction, rather than in the order of Stage to achieve multiple.n
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nPromote interoperabilityn
nAt present, the USC platform is designed so that the value of the token is derived from the collateral stored by the central bank’s multifunctional settlement token member – but the use of the platform itself does not depend on the adoption of the central bank.n
nHowever, as with any distributed ledger technology, the solution can only become strong as the number of parties using it increases. Hyder Jaffrey, director of strategic investment and financial technology innovation at UBS, said that at every step of the transaction between the chain-based and central-based assets, the risk factor will increase, which minimizes some of the implementation The potential advantage.n
nIn order to minimize these weaknesses, Jaffrey, like many USC members, argues that it is important to issue a currency in the chain. In order to help increase the chances of adoption, some members indicated that their goal was to use their membership to engage directly with the central bank.n
nHe said:n
nn”In order to see the advantages of the classified book technology, it is indeed necessary to provide the breadth of [central bank currency] at the same time.n
nnHowever, he was cautious after thinking summed up:n
nn”It may take some time before we see this.”n

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