by Patrick Graham
Reuters.com
Aug 16 A venture backed by eight major banks and financial institutions has begun beta testing a peer-to-peer network that aims to use blockchain distributed ledger technology to slash billions off the cost of processing foreign exchange transactions.
Fronted by ex-Citi and Deutsche Bank currencies supremo Andy Coyne, Cobalt DL’s initiative is the latest to move forward with serious real world uses of a technology which promises to simplify banks’ unwieldy computer infrastructure.
Like other blockchain developments under way, it seeks to generate huge cost savings by creating one sole verified record of a transaction or contract and giving all parties access to it. The system is due to go live in 2017.