The shared ledger trial will continue for the foreseeable future, and ANZ hopes to see it reach its potential by the end of 2016. If this were to be the case, they would open up this technology to other counterparties, albeit it will still be within the confines of a âprivate communityâ. At the time of writing, no potential partners were announced.
Header image courtesy of NewsBTC
âThis example for trade finance is more about counterparties co-operating sensibly to combat fraud, rather than any âtransformativeâ technology being deployed.â
ANZ General Manager of Group Payments Nigel Dobson stated:
The primary purpose of this trial project was to see how this technology would behave in the field of reconciling international payments between ANZ and an undisclosed US bank. This news comes on the heels of the SWIFT network being abused several times during which smaller banks were breached to attack US financial institutions.
The introducing of the term âshared ledgerâ seems to indicate ANZ has trialed a new form of blockchain technology developed by the Hyperledger Project team. While many of the details remain unknown, all signs are pointing towards a mix of public and private technology, with some permissioned features.
What makes this shared ledger trial particularly interesting is how the Hyperledger Project âsponsoredâ this project. Whether or not the shared ledger technology is a product of what the Hyperledger team has created, remains unknown. However, the group is focusing on advancing blockchain technology to record and verify transactions.
ANZ told the media shared ledger technology is not the same as using a blockchain, although both solutions will act in a very similar manner. Reconciling cross-border payments between counterparties in real-time is an aspect most financial institutions have been exploring through blockchain technology for several months now.
Financial institutions are flocking towards blockchain technology and distributed ledgers these days, although it remains uncertain as to how this technology will be implemented in the long run. With a wide variety of blockchain providers at their disposal, there is a mix or public and private solutions. A recent trial by the Australian and New Zealand banking group ANZ introduced a new term, called shared ledger technology.
Ledger technology is of significant value to the financial sector, although it is unclear as to what role these different types of blockchains will play in the end. The Hyperledger Project helped âsponsorâ a trial of shared ledger technology conducted by the ANZ banking group.
DASH/USD and LTC/USD Technical Analysis November 22 2017
Hello and welcome to News BTCâs Market OutlookÂ November. DASH/USD DASH continues to rocket to the upside, as we have fulfilled the move by Headley now several days ago. By breaking the top
Bitcoin Gold Price Technical Analysis – BTG/USD to Continue Higher
Bitcoin gold price is currently in a nice uptrend against the US Dollar. BTG/USD might retest $220 but remains positioned for more gains in the near term. After forming a low near $150, bitcoin
ETH/USD and ETH/BTC Technical Analysis November 22 2017
Hello and welcome to News BTCâs Market OutlookÂ November. ETH/USD Ethereum continues to grind to the upside, reaching the $380 level during the day on Tuesday. This market continues to find
BTC/USD and BTC/JPY Technical Analysis November 22 2017
Hello and welcome to News BTCâs Market OutlookÂ November. BTC/USD Bitcoin remains volatile, as we have cleared the 8200 level now. It looks as if we are going to continue to find a âbuy on
Ethereum Price Technical Analysis – ETH/USD Holding Key Support
Ethereum price is supported on the downside against the US Dollar and Bitcoin. ETH/USD must stay above $350 in order to make another upside move. There was a significant struggle around $270 in
Bitcoin Cash Price Technical Analysis – Can BCH/USD Break 100 SMA?
Bitcoin cash price is holding an important support near $1100 against the US Dollar. BCH/USD needs to move past $1200 and 100 hourly SMA for further gains. It seems like there is a consolidating
BitLicense Architect Ben Lawsky Joins Ripple Board
Ben Lawsky, the former New York Superintendent of Financial Services who spearheaded the BitLicense regulatory framework while in office, has joined startup Ripple's board of directors.
Cramer: Bitcoin and junk bonds are bubbles, but stocks aren't overvalued
It drives CNBC's Jim Cramer crazy when people say that stocks are dangerous and overvalued "at this point in the cycle." "I put air quotes around that phrase because whenever people say it, I feel