The first who tested the new possibilities of blockchain platforms Corda R3, steel Dutch Bank ING Corporation and the Swiss Credit Suisse, which transferred securities in the amount of €25 million.
Credit Suisse and ING, using HQLAX Digital Collateral Records (DCR) in the application HALAX Corda has transferred ownership of the Dutch and German government securities to provide collateral lending.
The deal was made through the transfer of ownership of owned HQLAX DCR-accounts with “baskets of securities”.
The press release says that the use of DCR for transfer of securities may “ultimately contribute to improving the transparency of regulatory documents, reduce systemic risk, reduce operational risk and better management of financial institutions.”
In the press release Credit Suisse mentioned that the law firm Clifford Chance was also involved in the development of a legal framework for the transfer of ownership of securities on the basis of DCR.
Ivars Wiersma, a representative of ING, said in a press release :
“Using Blockchain technology gives the regulator the opportunity to get direct access to the registry and to view the entire history of a transaction from its inception to the final owner. In OTC environment, which is traditionally not very transparent, it can make the financial system more resilient”
Charlie Cooper, managing Director of R3, noted that the deal’s success — the achievement of “much more than a proof of concept in the lab.”