Posted In:

Axoni, Capital Markets, Global, Blockchain, Crypto


DTCC Passes TIW Milestone

Published:

Sep 20, 2018


Source:

Posted In:

Axoni, Capital Markets, Global, Blockchain, Crypto

Published:

Sep 20, 2018


Source:


Share:

The Depository Trust & Clearing Corp. has reached a significant milestone in the development of its blockchain-based Trade Information Warehouse.

In the meantime, Palatnick’s team has come across novel situations that every new technology brings.

Firms developing proofs-of-concept would not encounter the same issues as the DTCC has encountered moving the legacy application on to the new platform, he said

Currently, the DTCC is working on how to move completed contracts stored in the mainframe-based application to the new environment.

“I think there is roughly 15 to 20 million of them,” said Palatnick. “A lot of them are old contracts, so they do not necessarily abide by smart contract validation rules. Figuring out the right way to get them into the ledger and have them there on day one has been one of our more interesting works in progress.”

Instead of sifting through the complete contracts to find which ones are reference by the current contracts, he expects to move them all to meet retention requirements as well as supporting current open contracts that refer to completed ones.

All of the completed contracts will need to be on the new platform’s blockchain before the application goes live since the DTCC plans not to have any operational overlap between its legacy platform and its new application.

Palatnik also noted that the TIW involves more than populating a distributed ledgers.

“Generally, distributed ledger technology is not a reporting technology,” he said. “Reporting and analytics are not easy on most DLT core platforms, so you need some kind of accommodation to support that.”

The industry utility has partnered with IBM and Axoni to address these issues and integrate enterprise database technologies into the new platform.

We finished coding the TIW. We’re just working through the typical defect list and trying to start user acceptance testing this fall.

Rob Palatnick, managing director, chief technology architect at the DTCC

Share:

Previous Article:
2018 Retirement Trends Report
Next Article:
Bank on It Podcast with James Waldinger
The views expressed here are those of the individual FinTech Collective LLC (together with its affiliates “FTC”) personnel quoted and are not the views of FTC or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by FTC. While taken from sources believed to be reliable, FTC has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. In addition, this content may include third-party advertisements; FTC has not reviewed such advertisements and does not endorse any advertising content contained therein.

Any designations found herein have been made by a third party, and although FTC has no reason to believe that such designations, or the criteria for being considered for such designations, are inaccurate or misleading, FTC does not guarantee its accuracy, and such designations may be incomplete or condensed. No compensation was paid in exchange for any designations, endorsements, or testimonials found herein. The hyperlinks referred to herein are provided for your reference only.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. This content does not constitute an offering or form part of any offering or any solicitation of any offer to subscribe to or purchase any investment by FTC, nor shall it or the fact of its distribution form the basis of, or be relied upon in connection with any contract therefore. Any such offer will be made only by means of definitive investment offering documents. The information included herein is subject to change without notice to any recipient. Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by FTC, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by FTC (excluding investments for which the issuer has not provided permission for FTC to disclose publicly as well as unannounced investments in publicly traded digital assets) is available at https://www.fintech.io/portfolio and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://www.fintech.io/disclosures for additional important information.