Banks testing Intel’s blockchain

Ignore the rocks that its got, its just Intel running its block

The Intel backed blockchain project has apparently passed its tests with more than eight finance outfits on their bond transactions.

For those that came in late, blockchain is similar technology which is behind bitcoin and is being looked at by the finance houses as a secure way to carrying out banking translations. Intel has baded a financial innovation start-up R3 to push the tech and it trialed it with eight banks, including HSBC and State Street.

The platform featured advanced smart contract technology that enabled trading, matching, and settlement of U.S. Treasury bonds, as well as automated coupon payments and redemption, R3 said in a statement.

Tim Grant, chief executive officer of R3’s Lab and Research Center said the goal at R3 was to bring our members together with the strongest technology players and work collaboratively to evaluate and accelerate this technology to production using real-world use cases.

R3 is leading a consortium of more than 60 of the world’s largest financial institutions created to develop commercial applications of blockchain technology for the financial services industry. The R3 consortium members involved in U.S. Treasury debt project included CIBC, ING Bank, HSBC, Scotiabank, Societe Generale scgly , State Street stt , UBS ubs , and UniCredit.

The blockchain trial was undertaken at R3’s Lab and Research Center. R3, Intel and each of the banks used physical, “non-cloud-based nodes” hosted across the U.S., Canada, Asia, Australia and Europe to interact and simulate US Treasury trading on the blockchain.