At an event in London today to celebrate the graduation of its
new startup accelerator class, Barclays demonstrated a smart contract platform
built on Corda, the recently unveiled distributed ledger project from globalbanking consortium R3.
Calling
the demo "history in the making", Dr Lee Braine of the Investment
Bank CTO Office atBarclays said distributed ledgers constitute an
"elegant way" to solve issues with legal agreements in the financial
sector, a problem that has been labeled a point of focus for
the Corda project by its creators.
According
to International Business Times,
Braine showcased a prototype of an investment banking application showing the
lifecycle of an interest rate swap.
Braine was quoted as saying:
"I emphasise to you that legal documentation processes can be
lengthy, cumbersome and manual. Smart Contract Templates could simplify all of
that and, because they are templates designed for reuse, they could drive the
industry's adoption of standards that are legally enforceable."
Braine
said that the prototype was the result of a collaboration between Barclays, R3,
the University College London, standards organization ISDA, French banking
group Société Générale and TechStars, Barclays’ partner on
its FinTech accelerator.
Braine showed how distributed ledgers can allow multiple parties
within the system to see the same set of documents, simulating how nodes would
exchange such information.
A key feature of Corda on display, according to the news source,
showcased how not all nodes shared the information on the ledger. This
design mechanism has been pointed to as an efficiency for financial
institutions when compared to public blockchains such as Ethereum and bitcoin
in public remarks by R3.
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