Since first revealing the project a few months ago, 14 European banks have loaded two months of “real data” onto a Corda-based blockchain network.
According to the original press release on the project, the first phases establish a “basis for subsequent synergistic implementations of DLT technologies.” The pilot also employs EDCCs (aka smart contracts) that govern the transfer of data.
As with other trials of this nature, each joining bank forms a node, or connected computer, on the network. This enables the decentralized blockchain to inhabit the entire network, rather than a single centralized computer.
The pilot, led by ABI Labs, saw over a million test transactions between the banks loaded as test reconciliations using R3’s Corda blockchain technology. In its latest press release, ABI confirmed the performances were good, allowing the group to proceed to the next phase of testing.
According to ABI, the application of distributed ledger technology helps to improve transactions between banks, specifically some aspects of current operations that “can cause complex discrepancies,” such as “the time needed to identify mismatched transactions between two banks.”
The group of 14 banks, which includes European banking giants BNP Paribas and Credit Agricole, is working in collaboration with developers NTT Data and Italian enterprise network firm SIA. The latter firms are providing the network infrastructure.
In related news, just over a week ago, Poland’s PKO Bank Polski brought blockchain-based banking in Europe a step closer by launching what may be the largest consumer banking blockchain utilization yet in the region.