Heavyweight blockchain consortium R3 in conjunction with 11 of its participating banks announced completion of a limited simulation and Proof of Concept. The real winners here are Microsoft, Etheruem and Consensys which provided the underlying technology.
Eleven major banks, including Barclays, UBS and HSBC, said they had tested a system that could make trading much faster and cheaper, using the technology that underpins cryptocurrency bitcoin. The banks are part of a consortium of 42 major lenders, brought together last year by New York-based software company R3 to work on ways blockchain technology could be used in financial markets - the first time so many have collaborated on using such systems. The 11 banks in the simulation, operating across four continents, each used their own computer, or "node", and transferred "Ether" to each other - Ethereum's equivalent of bitcoin, R3 said. The other eight banks involved in the experiment were BMO Financial Group, Credit Suisse, Commonwealth Bank of Australia, Natixis, Royal Bank of Scotland, TD Bank, UniCredit and Wells Fargo - all members of the R3 consortium.