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Canadian Central Bank and blockchain

10/24/2018
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The Bank of Canada is considered one of the most progressive regulators. Therefore, it is not surprising that it develops methods for the use of the blockchain in exchange trading. Project Jasper technology has been tested here, which will allow integrating technological innovations into the financial system.

What does Project Jasper offer?

Back in February 2017, the Canadian Central Bank began an experiment with separated registers of the payment system. The technology of creating new control tools based on the blockchain has been tested. In the autumn of 2018, the project came to a logical conclusion and it is already possible to make the first key takeaways about its effectiveness.

It was stated that through the use of encryption, it is possible to conduct direct transactions between the seller and the buyer of financial assets. Moreover, new technologies allowed:

  • reduce transaction time;
  • reduce overhead costs;
  • improve the security of the system as a whole.

The essence of the project was that the buyer redeemed the securities issued by the National Depository. In the course of its implementation, no technical failures were noticed and conclusions were made about the acceptability of using the blockchain in daily work.

Participants and implications of Project Jasper

In addition to the Bank of Canada itself, the National Payment System and the Toronto Stock Exchange Operator TMX Group Ltd. took part in the testing. The fact that such reputable organizations conducted a study can be made unambiguous conclusions - financial leaders are seriously considering the possibility of using the blockchain.

As the pilot project was a success, an understanding of the principles of sharing old and new technologies emerged. The financial industry is one of the most conservative, there is rarely a fundamental approach to the organization of activities.

The past Project Jasper showed that it is safe to combine the blockchain and the old ways of conducting trade operations. What is more, having received from it considerable economic effect.

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