Blockchain-oriented Project Jasper has recently completed its phase 3. The project members, which include the Bank of Canada, Payments Canada, stock exchange operator TMX Group, blockchain developer R3, and professional services firm Accenture, delivered their conclusions in the Jasper Phase III Report published on Monday. The key findings after the one-year trial phase indicate that blockchain has been proven feasible at clearing and settling securities.
While the previous phases of the trial project revolved around the use of blockchain for clearing and settlement of high-value interbank cash payments, the recently completed phase touched upon an integrated payments and securities system. The experiment didn’t reveal any significant benefits at this point, but this might be due to the fact that the results were compared to the current sophisticated, interconnected systems.
Scott Hendry, Bank of Canada’s senior special director of Financial Technology, commented:
“DLT is a promising technology that has the potential to reduce costs for participants and open new opportunities. Phase III of Project Jasper gave us the opportunity to test the technology further, and work remains to be done to determine how it can be set up to maximize the benefits for the whole financial system.”
Project Jasper explored se...
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