At an lawsuit inwards London today to celebrate the graduation of its novel startup accelerator class, Barclays demonstrated a smart contract platform built on Corda, the lately unveiled distributed ledger projection from globalbanking consortium R3. Calling the demo "history inwards the making", Dr Lee Braine of the Investment Bank CTO Office atBarclays said distributed ledgers institute an "elegant way" to solve issues amongst legal agreements inwards the fiscal sector, a work that has been labeled a point of focus for the Corda projection past times its creators.
According to International Business Times, Braine showcased a epitome of an investment banking application showing the lifecycle of an involvement charge per unit of measurement swap. Braine was quoted every bit saying:
"I emphasise to you lot that legal documentation processes tin hold upward lengthy, cumbersome in addition to manual. Smart Contract Templates could simplify all of that and, because they are templates designed for reuse, they could drive the industry's adoption of standards that are legally enforceable."
Braine said that the epitome was the final result of a collaboration betwixt Barclays, R3, the University College London, standards scheme ISDA, French banking grouping Société Générale in addition to TechStars, Barclays’ partner on its FinTech accelerator.
Braine showed how distributed ledgers tin let multiple parties inside the scheme to encounter the same educate of documents, simulating how nodes would telephone commutation such information.
A cardinal characteristic of Corda on display, according to the intelligence source, showcased how non all nodes shared the data on the ledger. This blueprint machinery has been pointed to as an efficiency for fiscal institutions when compared to world blockchains such every bit Ethereum in addition to bitcoin inwards world remarks past times R3.
