The German Bank and Financial Services Supplier Commerzbank and Continental and Siemens completed a pilot project to ensure the security of the money market using the blockchain.
Securities of the money market are short-term assets that serve financial companies during the repayment period - traditionally this is about a year. Usually, the processing of such payment takes several days.
Participants in the pilot project conducted a transaction to ensure the security of the money market at the blockchain in the amount of 100,000 euros, where Continental made a security issuer, Commerzbank provided a blockchain-platform based on R3 Corda, and Siemens was an investor.
According to the project participants, the blockchain-platform allowed companies to increase flexibility, efficiency and transparency of the transaction.
At the end of 2018, Commerzbank with the participation of the French corporate and investment bank Natixis and the Dutch financial services company Rabobank completed the sale of commercial paper worth 100,000 euros ($ 113 340) on the CORDA platform. COMMERZBANK has developed on the Blockchain-based basis, as well as instructions for regulatory consequences.
Earlier, Siemens joined the Energy Web Foundation (EWF) scalable blockchain-platform in order to promote the use of decentralized technologies in the energy sector. Representatives of the company emphasizes that the technology of the blockchain will help improve compatibility in this area, linking consumers with energy producers and network operators.
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