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The Depository Trust & Clearing Corporation (DTCC) announced the successful conclusion of a pilot initiative, conducted in collaboration with Chainlink and ten prominent financial services firms in the U.S., aimed at investigating modifications to the industry standard for data transfer via blockchain technology.
The DTCC, recognized as the largest post-trade, clearing, and settlement entity globally, disclosed the finalization of the Smart NAV pilot project, which indicated that the implementation of blockchain could greatly enhance automation and data accessibility.
The main objective of the Smart NAV project is to investigate modifications to the industry standard for the transfer of mutual fund data through DLT systems. During the pilot tests, net asset value (NAV) data was digitized, allowing financial institutions to access it via the Cross-Chain Interoperability Protocol (CCIP) introduced by Chainlink in 2023. Each participant in the pilot was assigned a standardized role within the network, facilitating the streamlined transfer of structured data through blockchain.
DTCC analysts observed that the pilot showcased the efficacy of DLT systems in:
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- standardizing and distributing data, thereby simplifying the management of tokenized mutual funds;
- automating data management processes;
- reducing the impact on existing market practices for traditional financial institutions;
- streamlining access to historical data for clients by removing the necessity for manual record keeping;
- creating new API solutions for the transfer of financial data.
Ten major U.S. financial institutions participated in the initiative, including:
- American Century Investments;
- BNY Mellon;
- Edward Jones;
- Franklin Templeton;
- Invesco;
- JPMorgan;
- MFS Investment Management;
- Mid Atlantic Trust;
- State Street;
- U.S. Bank.
The DTCC is actively investigating the potential applications of blockchain within the traditional finance ecosystem. The organization has engaged in testing the Canton DLT system, assisted SWIFT in examining the interoperability of various blockchains, and led a working group within the Hyperledger Foundation focused on developing a blockchain solution for asset tokenization.
Сообщение DTCC Explores Transmitting Financial Data Via DLT Systems появились сначала на CoinsPaid Media.
