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According to the announcement issued by Deutsche Bank, the process of implementing distributed ledger (DLT) technology for digital securities has been successfully completed. Several companies were involved in the entire project.
Collaboration of several companies to test distributed ledger technologies
Deutsche Bank undertook the management of a project aimed at testing and then applying distributed ledger (DLT) technology for digital assets.
The following companies also participated in the project: Swisscom, Falcon Private Bank, Vontobel and Zurich Cantonal Bank.
The entire project was focused on the verification of the application of the properties of the distributed ledger technology in custody services, with particular emphasis on the safe settlement of transactions involving digital securities.
Also check: Deutsche Bank predicts the end of fiat money
DLT and blockchain as the future of the financial sector?
In most cases, the resources that are securities, the settlement includes a maximum of 48 hours, during which the monetary value is exchanged for the value represented by the asset.
DLT technologies and blockchain they can not only speed up this process, but also make it more secure, which will help reduce costs and save a lot of time.
Currently, it can be seen that more and more banks are turning to testing blockchain technology and distributed books. You can point here at least to Royal Bank of Canada and Bank of America, which, although they did not quite clearly specify their goals, they are showing great interest in new, digital technologies.
And it is not surprising, because many experts are of the opinion that they can significantly increase the level of efficiency and speed of financial services, while increasing their transparency.
Also check: The dBond platform has tokenized Deutsche Bank's bonds
