The American Depository Trust and Clearing Corporation has introduced a blockchain-based service that will enable customers to trade traditional financial instruments.
The Depository Trust & Clearing Corporation USA (DTCC) has launched Project Ion, one of the largest distributed ledger technology (DLT) projects in the stock market.
The DTCC says that the platform, built on blockchain technology, can process between 100,000 and 160,000 bilateral stock transactions per day.
“This is a landmark achievement for the equity markets, reflecting the deep level of collaboration and partnership between DTCC and our clients. Digital assets and new blockchain-based technologies are shaping and evolving the diversity of financial services, creating new value, and driving the industry forward,” said Murray Pozmanter, DTCC CEO and President.
Project Ion has been approved by US financial regulators. Its design and implementation was facilitated by the financial corporations Barclays, BNY Mellon, Charles Schwab, Citadel Securities, CITI and Credit Suisse.
Previously, the World Gold Council recommended the integration of blockchain technologies into the production processes of the gold mining industry. The Council believes that the use of blockchain will allow the industry to achieve transparency in transactions with precious metals and consumer confidence.
Source: Bits
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