The DTCC (Depository Trust & Clearing Corporation) has made significant advancement in its primary blockchain project. With the project now nearing the testing phase, 15 global banks have joined the project.
According to reports, U.K.-based Barclays bank is among the 15 global banks who will participate in the test. Together these banks will kickstart DTCC’s cloud-based platform and distributed ledger for its credit derivatives TIW (Trade Information Warehouse).
DTCC Has Revealed That Testing Could Commence By Year End
Once the project is successfully completed, DTCC expects to initiate an “open” testing phase by year end. At that time other participants and service providers will be able to participate in the test. This testing is expected to be rounded up by the Q1 of 2019 with a go-live scheduled slated immediately after.
Building a new platform for the Trade Infrastructure Warehouse is easily the most ambitious enterprise blockchain project because the current framework is a vital piece of infrastructure to the worldwide financial sector.
The TIW offers lifecycle event processing services for 98% of each credit derivative transactions around the globe, and it’s worth $11 trillion. The customer base of the warehouse includes a host of major global derivatives dealers as well as 2,500 buy-side firms. The framework also includes several market participants in 70 countries across the planet.
New Faces Are Expected
The DTCC has adopted a multi-vendor approach for its distributed ledger technology, with IBM offering integration services and program management, Axoni building the distributed ledger technology and smart contracts functionality on AxCore blockchain protocol, plus R3 operating as a solution advisor.
Testing is also pulling in a host of key financial infrastructure providers including IHS Markit’s new TradeServ platform. The platform aims to provide foreign exchange solutions and re-architectured credit confirmations and matching. This project is scheduled for launch in Q2 of next year.
The Trade Infrastructure Warehouse serves as a golden record for every party participating in credit derivatives trades, conducting lifecycle events, settlement and payment calculations.
TIW tracks everything from the initiation of a trade to its maturity, including, amendments, rate resets, termination, modifications, and corporate actions. These are to be automated with Axoni’s smart contract technology. TIW includes cleared derivative spaces from ICE, JSCC (Japan Securities Clearing Corporation) and LCH SA’s CDSClear.
Bitcoin (BTC) Market Share Falls to Record New Monthly Low
According to crypto reports Bitcoin’s (BTC) market dominance has fallen recording a monthly low at 51% of the general market cap while XRP (XRP) and Bitcoin Cash (BCH) both rallied to earn multiple percentage points in the past week.
The overall value of Bitcoin (BTC) in the crypto market is an essential barometer in the progress of the digital asset space in general. If the most valuable token still stood at 100% in value, price shifts in the space would impact the overall cap more than it does now.
Bitcoin (BTC) Price Today – BTC / USD
While Bitcoin’s maximalists might not like the sound of this, a decline in the digital asset’s market dominance of Bitcoin over the market cap is easily a positive sign. Simply compare it to franchising. You’ll see that the flagship store may fail to do as well as it was in the past, the franchises, on the other hand, will keep growing nicely.