Revealed Friday, Corda Enterprise was chosen for mopping up trades using distributed ledger technology to “reduce friction in the post-trade process.” Post-trade activities normally include the changing of ownership records, transfer of securities and cash to settle the trade, and reporting.
Digital securities startup Archax has inked a deal to use blockchain firm R3’s Corda Enterprise solution for handling post-trade activities on its exchange.
Based in London and founded in 2018, Archax’s front-end trade activities will remain “blockchain agnostic”, the firm said, but a private, permissioned version of Corda was needed for managing data following trades.
“The current post-trade process in traditional financial markets is hugely inefficient, with many intermediaries involved”, Archax CEO Graham Rodford said in a statement. “This partnership … will remove friction and streamline activities to improve efficiency and reduce cost.”
The firm added that its request to operate a multilateral trading facility (MTF) in London is being considered by the Financial Conduct Authority.
The partnership comes months after R3 hired software sales veteran Cathy Minter as chief revenue officer to boost business adoption of R3’s Corda Enterprise. At the time, Minter told CoinDesk that the enterprise blockchain firm was seeing multiple inquiries despite industry-wide expectations of a 60 percent decline in 2019 sector investment flows.
Digital Travel Firm Webjet Has Launched Its Booking Verification Blockchain
Digital travel agent Webjet has launched its long-in-development blockchain-based platform in a bid to remove disparities in hotel booking data.
Working in conjunction with Microsoft through the firm’s Azure blockchain-as-a-service sandbox since 2016, Webjet said Thursday the new Rezchain application will address hotel reservation snafus and overcharges by looking for data mismatches in real-time between customers, hotels and booking agents, and sending alerts if any are found.
Such errors are found in at least 5 percent of bookings, according to the firm. Once identified, they trigger “a time consuming and painful reconciliation process, resulting in heavy resourcing requirements and financial exposure.”
Founded in 1998, ASX 200-listed Webjet hosts an online travel agent business throughout Southeast Asia, Australia and North America. The firm also operates business-to-business accommodation platform WebBeds.
Combining a “virtual handshake” and email “early warning system”, Webjet says Rezchain leverages the distributed nature of blockchain technology, storing information on a shared ledger to give each party involved with online bookings up-to-the-moment information. According to its website, Rezchain is built on a private version of ethereum.
John Guscic, managing director at Webjet, said in a statement:
“With multiple IT systems speaking different languages, mistakes are probable, and the default position is often to write off debts when the situation is not clear. For years, the industry considered it a cost of doing business. It doesn’t have to be that way any longer.”
Diginex Becomes First Asian Firm to Join Steptoe-Led Blockchain Alliance
Hong Kong-based digital financial services startup Diginex has become the first firm in Asia to join the Blockchain Alliance led by Steptoe & Johnson law firm.
Over 100 members in 19 countries
Diginex – which claimed to be the “first fully-diversified blockchain player on Nasdaq” – has officially joined the Blockchain Alliance, a public-private forum of firms and organizations promoting the secure development of blockchain, the firm announced Oct. 9.
Co-founded in 2015 by the Chamber of Digital Commerce and Coin Center and led by international law firm Steptoe & Johnson, the Alliance now has over 100 industry and government agencies in 19 countries, Diginex stated.
The association reportedly includes major international regulatory entities such as Interpol and Europol. Crypto companies Coinbase and Kraken, as well as payments firms Ripple and Circle are also among the industry members of the Alliance, according to the organization’s website.
Dialogue between the industry and regulators
Diginex CEO Richard Byworth pointed out the important role of the Blockchain Alliance, emphasizing that the organization fosters communication between blockchain-focused firms and government authorities to minimize risks in the industry. Byworth added:
“We are delighted to be the first firm in Asia to join this strong forum of experts, where we intend to be a key voice in driving dialogue between law enforcement, regulators and industry.”
Meanwhile, the Blockchain Alliance is not the first blockchain-related industry body joined by Diginex. As Cointelegraph reported, the startup is also a member of the Global Digital Finance, a major industry association developing a global “Code of Conduct” for cryptocurrencies.