• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: The Sandbox Seals Deal With Saudi Arabian Digital Government Authority
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: The Sandbox Seals Deal With Saudi Arabian Digital Government Authority
Bitcoinist_CDS
Advertisement

Axoni Achieves 100% Success Rate With Blockchain-based CDS

Jp Buntinx by Jp Buntinx
7 years ago
in Bitcoin Breaking News Brief, Bitcoin Technology, Blockchain, Breaking Bitcoin News, Breaking News, Companies, News, News teaser, Start-Ups
0
Advertisement

The correlation between blockchain technology and the financial industry is hard to overlook these days. A few weeks ago, several firms – including Axoni – tested the blockchain as a way to use smart contracts for single name credit default swaps. As it turns out, distributed ledgers are far more efficient than most financial players assumed.

Also read: CEX.io Adds Ether Trading Support to Crypto Exchange

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Axoni And Others Focus on Blockchain-based CDS

Bitcoinist_CDS Axoni

Established financial players have taken a vested interest in distributed ledgers to improve their own day-to-day operations. Four of the world’s biggest institutions – Bank of America, Citi, JP Morgan, and Credit Suisse – recently partook in a trial to see if this technology would hold its own when used for North American single name credit default swaps [CDS].

The trial was made possible thanks to these four players collaborating with the DTCC, Markit, and Axoni. Especially this last name is of great interest, as they are a blockchain technology firm looking to bring the power of distributed ledgers to companies all over the world. Some people may recall Axoni is being advised by Benjamin Lawsky’s blockchain consultancy firm.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Trials of this project took place during Q1 of 2016, and a blockchain-based trade processing network was established successfully. Credit default swap transactions were the primary focus, as they are subject to various events throughout their “existence”. Moreover, CDS lend themselves well towards determining whether or not the blockchain is efficient enough to handle all of the input and output of these swaps.

Markit’s head of Processing division Brad Levy told the media:

“This collaboration in CDS illustrates how smart contracts can facilitate higher levels of automation in OTC markets. The success of this initiative reinforces our commitment to continued development of blockchain technology in CDS, other asset classes and financial industry processes more generally.”

Smart contracts played an integral role in this blockchain trial, as Markit generated the contracts from CDS trade confirmations. In return, this process allowed for creating a synchronized and distributed record on the network, containing all of the financial data associated with these financial instruments.

As one would come to expect, these Axoni smart contracts were tested thoroughly, as they included economic terms, event processing, and a way to manage permissions. The blockchain allows for unprecedented transparency, and that aspect was showcased by seeing how much information these contracts would make available to regulators in real-time.

So far, it seems as if all of these parties took a smart decision by relying on Axoni for these field trials. Even though a total of 85 different test cases were drafted and tested through blockchain technology, none of them failed. A 100% success rate is quite noteworthy, although there is no official word on whether or not there are specific plans to continue these experiments in the future.

What are your thoughts on financial players getting together with Axoni for these blockchain tests? Let us know in the comments below!

Source: Chain-Finance

Images courtesy of Axoni, Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Jp Buntinx

Jp Buntinx

JP Buntinx is a freelance Bitcoin writer and Bitcoin journalist for various digital currency news outlets around the world. In other notes, Jean-Pierre is an active member of the Belgian Bitcoin Association, and occasionally attends various Bitcoin Meetups in Ghent and Brussels

Related Posts

The Sandbox Seals Deal With Saudi Arabian Digital Government Authority

The Sandbox Seals Deal With Saudi Arabian Digital Government Authority

6 hours ago
cbdc

Bank Of England, UK Treasury Support ‘Digital Pound’ Project, Say UK Likely To Need CBDC

3 days ago
Polkadot DOT DOTUSDT

Automotive Giant Toyota Explores Polkadot Project To Increase Business Efficiency

6 days ago
Alameda

Breaking News – Why Alameda Research Is Suing Voyager Digital For $446 Million

1 week ago
Blockchain

Blockchain For Traceability: Thailand’s Biggest Food Exporter Uses Tech To Monitor Goods

2 weeks ago
FTX

FTX: U.S. Authorities Seize Nearly $700 Million Of Sam Bankman-Fried’s Assets

3 weeks ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • ALTCOIN DAILY TO PRODUCE AND STAR IN NEW “SHARK TANK OF...

    14 hours ago
  • SinVerse Studios Announces $1 Million Buyback Program for...

    14 hours ago
  • Join the Revolution: Invest in STARSTAKING for 25% APY and...

    14 hours ago
  • The Crypto Bull Market Trend Has Started! What Does This...

    15 hours ago
  • Orbeon Protocol (ORBN) Grows 1625% During the Presale...

    16 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.