• Thu, 22 Aug 2019, 05:00 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Spanish bourse BME trials blockchain technology for collateral pledges

Photo Via Economia Digtial

Thu, 14 Mar 2019, 11:53 am UTC

Spanish bourse BME has announced that it has successfully trialled blockchain technology for digitizing the certification process of collateral pledge.

Conducted in collaboration with Renta 4 Banco, the trial aimed to look into the potential of blockchain technology to eliminate the need to use and exchange physical certificates.

According to the official release, the proof-of-concept (PoC) involved the constitution and release of collateral pledged by Renta 4 Banco to cover customer’s positions at BME Clearing, BME’s central counterparty.

BME said that by using blockchain-based technology, it was able to “eliminate the creation and exchange of physical certificates in these transactions, digitizing all the processes and ensuring that all participants in the Blockchain have access to the information in real time.”

The PoC showed that blockchain could reduce the total time of end-to-end processes by more than 80%. It could also enhance participants’ operational and risk management as they will gain direct access to the information and participate in the validation of pledge agreements.

"DLT technology allows us to reduce times drastically and improve the operation and control of the system, providing legal certainty for electronically generated certificates and maintaining privacy and compliance with the General Data Protection Regulation,” Berta Ares, Head of Digital Transformation, BME, said.

BME said that it will continue to work with Renta 4 Banco on the developments necessary to allow the system to go live by the end of 2019.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,987.62 (-3.43%)
  • Ethereum (ETH) $185.34 (-2.63%)
  • XRP (XRP) $0.265600 (-0.86%)
  • Bitcoin Cash (BCH) $299.59 (-2.97%)
  • Litecoin (LTC) $72.48 (-2.25%)
  • Bitcoin (BTC) $9,987.62 (-3.43%)
Aug 22, 2019 (Thursday)
04:01
Indian Supreme Court grills RBI for cryptocurrency banking ban
03:49
Cryptopia customers did not have individual wallets; liquidator Grant Thornton to manually determine crypto ownership
03:34
Korean crypto exchange Prixbit shuts down over financial crisis
03:31
Crypto Technicals: BTC/USD below $10K, breach of 'Symmetric Triangle' could plummet prices further
Aug 21, 2019 (Wednesday)
12:56
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:27
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:25
European Commission looks into “potential anti-competitive behavior” of Facebook's Libra: Report
11:10
Thailand’s Siam Cement Group seeks to expand Corda-based ‘Procure to Pay’ solution to 2,400 suppliers by 2020
10:40
Crypto Technicals: BCH/USD rejected at cloud, violation at 200-DMA to open up downside
10:21
Blockchain settlement startup Fnality adds former UBS and IMF executives to management team
09:17
Austrian telecom giant A1 to offer cryptocurrency payment option
09:02
Japan's Amaten, Aelf to revolutionize gift card market using blockchain
07:37
Crypto Technicals: Monero (XMR) recovery falters at major trendline resistance, slips below cloud
07:34
Blockchain securities issuance platform iownit.us obtains approval from FINRA
06:37
Crypto Technicals: ETH/USD struggles to extend gains beyond $200 mark, bias bearish below 200-DMA
06:18
Square Crypto hires Blockstream co-founder Matt Corallo to boost bitcoin adoption
06:16
Commonwealth Bank of Australia develops blockchain-based marketplace and token to protect biodiversity
05:40
Crypto Technicals: Bitcoin fails to take out $11K mark, tumbles below 55-EMA support (10428)
05:07
EMURGO inks MOUs with South Korean trade associations to boost Cardano adoption
04:15
China may launch its central bank digital currency ahead of Facebook's cryptocurrency Libra
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft