Siemens, Continental, And Commerzbank Make Deal On Blockchain
The technological firms Siemens and Continental together with the German enterprise Commerzbank conducted a pilot transaction for the transfer of money market securities on distributed ledger, Cointelegraph reports.
As part of the project, the partners made the blockchain-based transaction for the transfer of 100,000 euros ($113,340). Continental was the issuer of securities in this process, Siemens was an investor, and Commerzbank provided a decentralized platform based on Corda from R3.
According to Peter Rathgeb, a Siemens representative, the platform helped to increase the transaction transparency, efficiency, and flexibility, as well as significantly reduce the time to complete the deal. Besides, he listed the problems, among which there were security, productivity, and legal issues. Ratheb noted that there is a need to develop a single standard among European countries and a common legislative vision of blockchain-based processes.
At the end of 2018, Commerzbank together with the French Natixis and the Dutch Rabobank made a deal for the sale of commercial papers in the amount of 100,000 euros ($113,340) using Corda. The developers at Commerzbank created software, a decentralized network and issued the instructions to avoid regulatory consequences.
As previously reported, the general director of the Japanese financial corporation SBI Holdings said that he considers the blockchain consortium R3 and the Ripple cryptocurrency the reasons for optimism about the future of cryptocurrency.