The R3 consortium has yielded another success as its blockchain based alternative for the US Treasury bond was successfully designed and produced. The prototype currently is one of the key results between joint international ventures encompassing many banks directed to integrating blockchain technology into current bank services.
“We believe collaborative exploration of blockchain usages is key to the development of this emerging technology.”
Based on blockchain technology, it is hoped a move to the digital medium will aid users making the decision to diversify their investment portfolio. This project comes as a result of months and months of work and collaboration between the CIBC, ING Bank, HSBC, Scotiabank, Societe Generale, State Street, UBS and UniCredit banks. Utilising the ledger nature of the blockchian, Sawtooth Lake was the name given to the project as the project reveals hardware importance in a blockhain network.
“Magic internet chains, magic internet coins, whatever the buzzword du jour is, no matter how you cut these systems, they are cryptographic data stored on a cloud,” he told the audience. “If you have to rely on an outside party, you still have to depend on these organizations to handle uptime and maintenance. There’s no blueprint for that.”
To conclude the replacement of the treasury bonds in digital form on an international provides hope that the service can be rolled out to the mass public in the near future. The success signals the suitability for these cryptographic systems as stores of money and value in the current economy. You too can try out the power of Bitcoin and experience firsthand the flexibility it can offer you compared to bonds and other low interest based government investments. NairaEX is currently the leading exchange in Nigeria providing a fast and market leading service ensuring your Bitcoin are delivered in a matter of hours.