Just in time for the application of strict regulatory requirements, some of the world’s largest banks have begun pilot efforts to simplify respect for the ethereum.
To set up the Swiss bank UBS with the help of Barclays, Credit Suisse, KBC, SIX and Thomson Reuters launched the “Massive Autonomous Distributed Reconciliation Platform” project short Madres to calm down to ease a wide range of data on their bank partners.
Usually they use a regulated company called “Legal Identifier”, which are stored in a common data system for executing a transaction on behalf of clients, even if those clients have none of the codes. As part of a comprehensive change in the law, the MiFID II Directive, which is to go on January 3, 2018, the EU is working, all competent legal entities must have these codes and use.
Instead of requiring each institution to perform these checks independently, Madrec banks relied on communitise a lot of efforts in the potential branch consultation process in Microsoft Azure Cloud.
In an exclusive interview with CoinDesk, Peter Stephens, Head of Block Block Research and UBS Development, said that as an infrastructure block chain was developed to help customers save money without compromising their competitive advantage.
“This will be our first go-live project.”
“Do not hurt”
As part of the construction of the introduction of Stephens CoinDesk is in the company’s lab tour, it was designed in Madrac, and described in detail how the chain block chain can help reduce regulatory requirements even before they start.
The platform was built over a period of six months and developed into an intelligent, contracted network drive designed to integrate with IDs that are supported by the legal entity Identifier Regulatory Control Board (LEI ROC) and others. The alignment of LEI reference data includes industrial classifications and information from the European Securities and Markets Authority (ESMA).
Instead of each company separately assessing the information and results, it regularly compares the Smart Chain Block Smart Contracts will ensure accuracy in almost real time.
Therefore, anonymous reference data is hacked to Ethereum Blockchain, while the original data itself remains within the institution. Smartly integrates fine-tuning information so that users can quickly identify and reconcile anomalies.
From each candidate an object under the same standards, Stephens claims to help one another, to ensure the accuracy of their work, only a positive effect on their results and the other competition leaves space.
“These are public reference data, this is not a competitive advantage,” he said, adding,
“It’s kind of does not do evil, make the world a better place.” It has no regulators well, we refer to data providers, we try not to disturb them, and we also include other banks. ”
Originally originally called the Conrad Project, it was the Massive Autonomous Distributed Reconciliation Platform in London, incubated largely in the outer block of the UBS research and development chain.
The Laboratory, located at FinTech’s Level 39 level in London’s Canary Wharf, is to be a “neutral space” where participants from several partners are currently working on the six-block chain projects to work next year.
The location is the most important location on which UBS launched the troubleshooting project, which is also managed by a group of financial institutions.
Regarding the Madrac pilot project, it is currently in a simulated live environment with 22,000 insensitive reference attributes for stock issuers. The pilot project should be completed by the end of next month, with additional impetus for the implementation, depending on the outcome.
Lee Braine, from the CTO Investment Banking Office in Barclays, said CoinDesk:
“This slim application makes it easy to appreciate innovative cryptographic technologies that allow each bank to maintain privacy, and at the same time to check your data against basic data held on a consensus group.”