The results of a test involving the Canadian Central Bank, the Toronto Stock Exchange and other non-profit institutions were shared with the public. Accordingly, Blockchain was provided with information that could be used safely in bond agreements.
The statement made by the joint venture of the three companies also stated that the Blockchain technology for crypto money such as Bitcoin could be used simultaneously on the notes at the same time. It is stated that both the money and the other products may be simultaneously tokenized. Speaking on the subject, Payments Canada CEO Garry Gaetz said:
“This shows that it is possible to deliver payments in a way that has never been done before – by directly swapping cash from buyers to sellers, resulting in instant settlements.”
Project Jasper, which Blockchain plans to use as a pilot system for three companies , was first announced in mid-2016, and the last update and phase of the system went into effect at the end of the year.
But with that, the senior executive level of the Canadian Central Bank has no major questions. Scott Hendry, one of the company’s top executives, questioned the efficiency of the system, especially at the point of cost-reduction, and made the following statements:
“We’re still uncertain after doing this work that there are significant savings possible for participants. It’s not clear that all the participant dealers and banks are going to get a significant benefit out of this settlement system.”
Earlier this week, Ripple’s xRapid solution was passed by financial institutions. In particular, xRapid, which reduced delivery rates by 40 to 70 percent and promised a massive cost-effective system, also received a major milestone, shortening delivery times substantially. JP Morgan, who is one of the largest banks in the United States along with xRapid, also applied to the US Patent Office for his patience with a paying person. It is also stated that the main tasks in the system will be Blockchain.