Home News 15 banks have joined the testing of DTCC’s blockchain platform

15 banks have joined the testing of DTCC’s blockchain platform

As it became known yesterday, the U.K.-based financial conglomerate Barclays announced its intention to join the testing of a blockchain platform developed by the Depository Trust & Clearing Corporation (DTCC) to augment its Trade Information Warehouse (TIW). Apart from Barclays, 14 other banks are participating in the test.

As one of the world’s largest financial data operators, DTCC processes transactions worth $1.6 quadrillion per year. The new platform is essentially a distributed ledger and cloud-based database for DTCC’s credit derivatives storage and one of the most ambitious blockchain-based projects ever.

“We are pleased to be working with DTCC, our partners and colleagues on this exciting project to bring distributed ledger technology to life in a demonstrable way that will enhance efficiencies and lower costs and risks for the industry,” – said Lee Braine from the Investment Bank CTO Office at Barclays, in a statement.

TIW processes 98% of all credit derivative transactions worldwide, worth $11 trillion. It is used by the world’s largest derivatives dealers and more than 2 500 buy-side companies and other market players in over 70 countries.

In a statement, the company announced its plans for moving to an “open” testing phase by the end of this year. The phase is expected to be completed in the course of Q1 2019.

Barclays has been showing a keen interest in the blockchain technology for quite a while already. For instance, back in April, the banking giant launched a Venture Capital (VC) unit tasked with investing in projects dealing with blockchain, smart contracts and artificial intelligence.