In yet another definitive affirmation of the merit behind distributed-ledger technologies (DLT), China’s Bank of Communications (BoCom), has issued $1.3 billion of residential mortgage-backed securities using its proprietary blockchain-based network.
FinNexus Plans to Build Tokenized Asset Platform on XRP Ledger
Monday January 20, 2020
Coinspeaker FinNexus Plans to Build Tokenized Asset Platform on XRP LedgerFinNexus, an open finance protocol designed to create a bridge between different blockchains, announced via a Medium blog post plans to develop a tokenized asset platform on XRP ledger. The company will run a pilot project of the tokenized platform in Q4 this year.The crypto […]
The post FinNexus Plans to Build Tokenized Asset Platform on XRP Ledger appeared first on 12bit trade.
The issuance of $1.3 billion residential mortgage-backed securities (RMBS) was carried out by the state-owned commercial bank BoCom and it was handled through its proprietary blockchain-based network, local financial media reports.
The lead underwriter, as well as book runner for the offering, was China International Capital Corporation. Purportedly, this is the very first launch of residential mortgage-backed securities on the market which is based on blockchain technology.
The blockchain network in question is called Jucai Chain and it was launched back in June, beginning the very first phase of the issuance of digital RMBS in July.
Using blockchain-based technologies brings distinct advantages over conventional solutions, as evident from the offering. All parties involved in the loan are entirely enabled to track assets, to perform various business operations on the chain, and to manage their cash flow effectively. Citing a report by China Securities Times, China Money Network also outlines that the usage of blockchain reduces risks and shortens the RMBS issuance time while, at the same time, ensuring the authenticity of the assets.
Furthermore, the entire BoCom digital mortgage base is going to be openly available for important third-party intermediaries such as consulting companies PwC, and others alike.
Earlier this year, Live Bitcoin News reported that the Commonwealth Bank of Australia has used blockchain technology to successfully ship 17 tons of almonds. According to the bank, the technology enabled it to guarantee a greater level of transparency and efficiency in terms of authentication of the goods, tracking location and condition.
What do you think of BoCom using blockchain-based technology to issue RMBS? Don’t hesitate to let us know in the comments below!
Image courtesy of ShutterStock
The post China’s Bank Of Communications Issued $1.3 Billion Securities With Blockchain Technology appeared first on Live Bitcoin News.
15 Best Masonic Gifts: The Ultimate Christmas List (2018)
Friday December 14, 2018
The Freemasons are the largest and most celebrated fraternal order. Though their traditions are somewhat secretive, there is no need for a mason to hide their identity. On the contrary, any brother will be honored to represent the Order with a subtle decoration or accessory. These are our picks for the best Masonic gifts you […]
The post 15 Best Masonic Gifts: The Ultimate Christmas List (2018) appeared first on 12bet - Bet365.