Barclays, HSBC Join Settlement Coin as Bank Blockchain Test Enters New Phase – CoinDesk

This kind of stuff is both super exciting and also mind-melting at the same time. I can see the possibilities, but the complexity of the issues presented here – by the tech, by the industry, by the regulations, by the market acceptance – are astounding. But, what’s really clear to me is that this is another example of how blockchain – distributed authority, decentralized trust, transparent, unhackable – is going to be an incredible leveler.

In that transfer test, the group will explore using a collateralized token, which Jaffrey said could simplify the buying and selling of assets via a complicated network of middlemen down to a single, fiat-based transaction conducted on a blockchain.In short, the collateralized token will be given directly to the owner of the asset, instead of going through the traditional network of clearinghouses.

Source: Barclays, HSBC Join Settlement Coin as Bank Blockchain Test Enters New Phase – CoinDesk

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