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DTCC Vice Chairman Calls for Single, Global Distributed Ledger


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http://www.coindesk.com/dtcc-vice-chairman-calls-single-global-distributed-ledger/
 

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Reading from a prepared speech at the third joint workshop, "Setting Global Standards for Granular Data," DTCC vice chairman Larry Thompson described the potential benefits of moving every global derivatives user to a single distributed ledger network.

Thompson said:

"All of us here have discussed how standardization across repositories and jurisdictions is a precursor to effective global data sharing. Agreeing to one common ledger could end the discussion."

 

RCL + ILP.   Problem solved.  Next?

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  • 1 month later...
On 4/12/2017 at 3:25 PM, KarmaCoverage said:

... like getting the CDS market onto Distributed Ledger Technology.

CDS and other derivatives are practically tailor-made for smart contracts and vice-versa. I can imagine it's only a matter of time before we see an ETH/ ILP integration.

Edited by Coroneus
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12 minutes ago, Coroneus said:

Any insight, @Hodor (see my question two posts above)

So I think the overall movement towards a  "Single, Global Distributed Ledger" is good news for the DTCC.  That is the most important point, because any ledger than can then communicate somehow through ILP can potentially integrate with the RCL. 

But in the short-term, I'm disappointed to see that for phase II they're partnering with IBM (using Hyperledger tech).  Keep in mind that they're not in production yet.  It looks like there's still room for a lot of movement in my opinion, and it will be easier to persuade them after they see RCL and XRP in action used as a Forex settlement platform.  Here's where the project currently stands:

Quote

Earlier this year, we were pleased to announce the successful completion of Phase One, which focused on a proof-of-concept.
We are excited that Phase Two is now underway and a working group of industry participants will dig deeper to ensure the solution is aligned with industry needs.
At the conclusion of Phase Two, DTCC will determine whether to move ahead with development of this effort

So they're not anywhere near production yet.  This means that there's a huge opening IMO for Ripple to jump in and attempt to help them see the light.  ILP is a better and more open and reviewed standard than the one being pushed by IBM.  Yes, it's a Linux project, but they always throw that out there when they're trying to make it sound "open".  But just look at the facts: Ripple is leading the charge with W3C and IETF (source: https://ripple.com/files/ripple_ILP.pdf )

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Shame about Hyperledger. I hope they see the light soon. I was of the mindset until not long ago that DLT/ blockchain was going to be the defining invention of the 21st century. I've since revised it to ILP.

Edited by Coroneus
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3 minutes ago, Coroneus said:

I've since revised it to ILP.

You're on the right track.  Even if there's a conflict in the time being, it's clear to see who's already to market with the leading international standard! You've come to the right place!

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