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Four banks have reportedly partnered on a blockchain project aimed at creating a means to clear and settle transactions worldwide. BNY Mellon, Deutsche Bank, Santander and UBS are hoping to launch a commercial-grade blockchain system by 2018
The plan for the originally-titled “utility settlement coin” comes from UBS, Deutsche Bank, Santander, and BNY Mellon. Broker ICAP is also joining them with the aim of convincing central banks to use the new currency starting in 2018.
The banks have partnered in a larger blockchain project in the form of R3, which brings the world’s largest financial institutions together to discuss distributed finance.
The bank believes the blockchain could remake finance.The blockchain’s transparency could effectively allow the number of participants that need to be involved in the transaction process to be drastically reduced, cutting down the number of stages involved in a payment and thereby significantly enhancing efficiency,” the bank states on its website.