DTCC Vice Chairman Calls for Single, Global Distributed Ledger

[Hodor]

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

Quote

 

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?

[Xi195]

2 hours ago, Hodor said:

RCL + ILP.   Problem solved.  Next?

Considering the President/Chair of the GPSG was the former head of the DTCC (if I recall correctly), you might not be that far off.

[KarmaCoverage]

http://www.dtcc.com/~/media/Files/Downloads/speeches/13162-Larry-Speech-FinTech-2017.pdf?la=en

^ Full speech link.

Mentions Hyperledger and a few other good things, like getting the CDS market onto Distributed Ledger Technology.

[Coroneus]

@Hodor, do you know if there's any movement in the RCL+ILP space to work with (or displace a la SWIFT) the DTCC? We're talking around $2 Quadrillion in securities transactions annually. The mind boggles.

[Coroneus]

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 May 17, 2017 by Coroneus

[Coroneus]

Bumping this thread up because I'm very curious to know if there's something underway with the DTCC. Any insight, @Hodor (see my question two posts above)

cc: @JoelKatz

[Hodor]

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 )

[Coroneus]

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 May 19, 2017 by Coroneus

[Hodor]

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!

[Graine]

DTCC has stated they are exploring IBM and R3's DLT solution. They even are going on stage together at Consensys. 

I would love to see DTCC's volume settled on RCL. Perhaps, the transaction with Eth recently is a harbinger of such symbiosis.