ICAP provides Forex Trading on BlockChain technology, ForexSQ experts say the ICAP UK financial services company is going to process Forex trades on blockchain technology
Forex Trading BlockChain Technology
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The London based ICAP will utilize its subsidiary ‘Traiana’ in collaboration with US-based technology firm Axoni. Traiana acts as a messaging hub for $2 trillion of forex, fixed income and swaps deals and is set to play a key role as the system makes a transition from reliance on traditional brokers to new digital market infrastructure.
“By the end of March clients will be able to access their own node on the blockchain. We create a digital record in a cloud vault and also on the blockchain,” said Jenny Knott, chief executive of post trade risk and information at ICAP, as quoted by FT. “We are building the Nex technology platform and licensing to the Traiana legal entity, so that we can run both systems in parallel. Over time we will be able to turn off the old system.”
Traiana provides services to monitor pre-trade risk and automate post-trade processing of financial transactions in listed and over-the-counter trading markets. It reconciles transaction, reference, market and portfolio data before it is transmitted to regulators, clearing houses or back to financial institutions.
To be renamed NEX Group from January 2017, ICAP announced earlier this year that its Post Trade Risk and Information (PTRI) division completed a proof of technology test case for a distributed ledger using blockchain technology. The proof of technology leveraged the multi-asset messaging and matching Harmony network, and blockchain infrastructure provided by Axoni, to create a private, peer-to-peer, distributed ledger network using smart contracts.
The news follows reports that suggested that ICAP is building a blockchain ‘Rosetta Stone’ to improve its post-trade process. CoinDesk reported in July that ICAP has written an “elaborate smart contract”, adding that a beta version of the smart contract-enabled business process is expected to be ready in the first half of 2017, with a full release seen by the end of next year.
BlockChain Definition For Dummies
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A blockchain originally block chain is a distributed database that maintains a continuously-growing list of ordered records called blocks. Each block contains a timestamp and a link to a previous block. By design blockchains are inherently resistant to modification of the data – once recorded, the data in a block cannot be altered retroactively.
Blockchains are secure by design and an example of a distributed computing system with high byzantine fault tolerance. Decentralised consensus can therefore be achieved with a blockchain. This makes blockchains suitable for the recording of events, title, medical records and other records management activities, identity management, transaction processing and proving provenance.[citation needed] This offers the potential of mass disintermediation and vast repercussions for how global trade is conducted.
The first blockchain was conceptualised by Satoshi Nakamoto in 2008 and implemented the following year as a core component of the digital currency bitcoin, where it serves as the public ledger for all transactions. Through the use of a peer-to-peer network and a distributed timestamping server a blockchain database is managed autonomously. The invention of the blockchain for bitcoin made it the first digital currency to solve the double spending problem. The bitcoin design has been the inspiration for other applications.
What Is BlockChain Technology
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A blockchain is a public ledger of all Bitcoin transactions that have ever been executed. It is constantly growing as ‘completed’ blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order.
The blockchain is seen as the main technological innovation of Bitcoin, since it stands as proof of all the transactions on the network. A block is the ‘current’ part of a blockchain which records some or all of the recent transactions, and once completed goes into the blockchain as permanent database.
What Is A BlockChain Wallet
My Wallet is free service which makes it easy to send and receive Bitcoins without needing to download a Bitcoin client, and update the blockchain. In short, My Wallet is a secure online wallet designed to simplify the use of Bitcoins for new and experienced users alike, Wikipedia says.
