Blockchain Gets a Wall Street Win: âWe Know the Thing Works Nowâ
Axoni
The program  managed by  blockchain startup Axoni   kept track of the swaps contracts after they were executed  recording things like amendments or termination of the deals  stock splits and dividends  and achieved a â100 percent success rate â  Axoni  said in a statement Monday. Other participants include the Canada Pension Plan Investment Board  Citigroup Inc.  BNP Paribas SA and Credit Suisse Group AG.
âWeâre on a path to take this forward â Axoni Chief Executive Officer Greg Schvey said in an interview. âWe know the thing works now.â
 Axoni  is far from alone in offering banks the ability to experiment with blockchain.  Its  competitors include Digital Asset Holdings  Symbiont  R3 and Chain.
The program was all done in a test environment with no real trades being processed by  Axoniâs AxCore  blockchain software. No money changed hands either; the plan is that current systems like Fedwire or Swift will be used if the program goes live  Schvey said. He declined to say when blockchain for the equity swaps market will be done for real.
A similar test to move parts of the credit-default swap market onto a blockchain for post-trade processing uses the same system as in the equity-swaps model  Schvey said.  AxCore  uses smart contracts  the heart of the ethereum blockchain network  with a few tweaks.
The program  managed by  blockchain  [TGT] kept track of the swaps contracts after they were executed  recording things like amendments or termination of the deals  stock splits and dividends  and achieved a â100 percent success rate â   [TGT] said in a statement Monday. Other participants include the Canada Pension Plan Investment Board  Citigroup Inc.  BNP Paribas SA and Credit Suisse Group AG.
âWeâre on a path to take this forward â  [TGT]  said in an interview. âWe know the thing works now.â
  [TGT]   is far from alone in offering banks the ability to experiment with blockchain.   [TGT]   competitors include Digital Asset Holdings  Symbiont  R3 and Chain.
The program was all done in a test environment with no real trades being processed by  Axoniâs AxCore  blockchain software. No money changed hands either; the plan is that current systems like Fedwire or Swift will be used if the program goes live   [TGT]  said.  [TGT]  declined to say when blockchain for the equity swaps market will be done for real.
A similar test to move parts of the credit-default swap market onto a blockchain for post-trade processing uses the same system as in the equity-swaps model   [TGT]  said.  AxCore  uses smart contracts  the heart of the ethereum blockchain network  with a few tweaks.