Jasper finds itself among other efforts by financial institutions around the globe to find ways to use distributed ledger technology to support financial transactions. The project was initiated by Bank of Canada, Toronto Stock Exchange operator TMX Group, and non-profit organization Payments Canada came to its final stage.
The three organizations concluded that they had developed an integrated securities and payment settlement platform using a distributed ledger, the same technology that underpins cryptocurrencies like Bitcoin, and found that cash and assets can be tokenized to complete an instant settlement.
Other technologies are also being explored to enable instantaneous settlements. The European Central Bank is planning to launch a new settlement system in November 2018, which it says will allow transactions to be conducted in real-time, but does not use distributive ledger technology, according to Reuters.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now