OlivierA Posted May 26, 2017 Share Posted May 26, 2017 TORONTO, May 25, 2017 /CNW/ - The Bank of Canada, along with Payments Canada, R3 and seven commercial banks, today disclosed the results of phase II of Project Jasper, an experimental wholesale interbank payment system, using digital ledger technology (DLT) – the backbone of cryptocurrencies like Bitcoin. "Through working together, we will achieve our shared vision of a system that is fast, flexible and secure, promotes innovation and strengthens Canada's competitive position.", CEO of Payments Canada http://www.newswire.ca/news-releases/public-private-sector-digital-currency-experiment-releases-results-of-phase-ii-624396443.html Panel discussion: Project Jasper Phase II Drkspirit, Hodor, qwertyubb and 1 other 4 Link to comment Share on other sites More sharing options...
7h3i19 Posted May 26, 2017 Share Posted May 26, 2017 Does this use anything connected to ripple? Hodor 1 Link to comment Share on other sites More sharing options...
Hodor Posted May 26, 2017 Share Posted May 26, 2017 Very nice - another central bank trial. I've watched the first ten minutes and will watch the rest tomorrow. Phase II was using the CORDA open-source DLT hybrid. Interesting that Ripple can do everything they are talking about so far, and better... OlivierA 1 Link to comment Share on other sites More sharing options...
Hodor Posted May 26, 2017 Share Posted May 26, 2017 3 minutes ago, 7h3i19 said: Does this use anything connected to ripple? Not yet. Here's the history so far of the Jasper trial: Phase 1: Build an experiment on Ethereum. Result: Overall failed to meet requirements, but a lot of lessons were learned. Failure points: Performance not good Privacy of transactions not preserved Phase 2: Build an experiment on the CORDA platform (R3). Result: Market Improvement from Phase 1. Improvements: 1) Only the parties to a transaction could "see" the transaction details ...............I'll watch the rest tomorrow - so far this is a great video - the presenters seem to be expert level in banking, but maybe not in technology. OlivierA 1 Link to comment Share on other sites More sharing options...
7h3i19 Posted May 26, 2017 Share Posted May 26, 2017 Gotcha. Yeah they need to give Ripple a look! Link to comment Share on other sites More sharing options...
diversify Posted May 26, 2017 Share Posted May 26, 2017 (edited) Is this an alternative? If so, and if Ripple can do everything they're talking about and better, then why are they still looking for an alternative? I'm confused/don't understand this whole R3, Corda, Jasper thing. I don't know if it's good or bad for ripple. Anyone? Edited May 26, 2017 by diversify Link to comment Share on other sites More sharing options...
gastownhero Posted May 26, 2017 Share Posted May 26, 2017 (edited) https://ripple.com/ripple_press/r3-trials-interbank-cross-border-payments-ripples-digital-asset-xrp/ so, is r3 and ripple still in partnership? if so, ripple is looking good Edited May 26, 2017 by gastownhero Link to comment Share on other sites More sharing options...
gastownhero Posted May 26, 2017 Share Posted May 26, 2017 (edited) just finished watching. in short, ethereum (PoS, PoW)not suitable for banking use at the moment. corda is more suitable for banking use but transaction cost is expensive. I think ripple system was not part of corda experiment. because ripple's system was built for cheap transaction in native. but generally, most banks are interested in dlt, and its future development potential. one thing i caught for sure is that etheruem platform won't be used by banks. Edited May 26, 2017 by gastownhero OlivierA 1 Link to comment Share on other sites More sharing options...
Mercury Posted May 26, 2017 Share Posted May 26, 2017 http://business.financialpost.com/news/fp-street/bank-of-canada-says-blockchain-is-still-not-ready-for-bank-settlements-after-watching-year-long-trial Distributed ledger technology, a new approach for processing transactions that is being widely tested across the financial industry, is not yet mature enough to run a national interbank payment settlement system, the Bank of Canada said on Thursday. Christian Catalini, an assistant professor at MIT’s Sloan School of Management, said other central banks had been closely following project “Jasper” and noted the Bank of Canada had previously indicated DLT lagged the existing system in providing efficiencies. Phase two of Jasper, which began in December, tested other concerns involving DLT, such as privacy. It used a distributed database system known as “Corda,” developed by the R3 fintech consortium. Some of Canada’s largest financial institutions are members. It should be noted that the Bank of Canada trails used Project Jasper and CAD-Coin. A more in depth look can be read here. In brief: Project Jasper is our DLT flagship experiment, first revealed last June in a speech in Calgary. It's a joint initiative between Payments Canada, the Bank of Canada, major Canadian banks and R3. We've built and are test driving a simulated wholesale payment system using a DLT-based settlement asset (dubbed 'CADcoin' or 'settlement coin'). The Jasper and CAD-Coin are private and are built on R3's Corda (found here) and not to be confused with Ripple or Ripple Technology. It is interesting because the Bank of Canada has stated DLT is not ready for interbank settlement, however, ALL of Canada's big banks are using Ripple to some extent. While it appears it is mostly limited to cross-border payments it 'could' expand to cover interbank settlement. Payments Canada, the organization that oversees inter bank settlements (not to be confused with Interac the national debit system), helped the central bank conduct the trial with assistance from Canada’s largest banks (which remember all use Ripple). For some of those wondering Payments Canada settles $175 billion a day. Hodor, ThomasV, OlivierA and 1 other 4 Link to comment Share on other sites More sharing options...
Hodor Posted May 26, 2017 Share Posted May 26, 2017 Their Youtube video is impressive - I'm still in the middle of it and trying to find time to finish. Here's the link to @OlivierA 's thread from yesterday on it: Mercury 1 Link to comment Share on other sites More sharing options...
ThomasV Posted May 26, 2017 Share Posted May 26, 2017 interesting Paypal sits on their board of directors: Brent Mizzen (Chair) Canadian Life and Health Insurance Association November 2012 3/3 Bill Piggot (Vice-Chair) ADP Canada April 2014 3/3 Doug Bruce Canadian Federation of Independent Business April 2014 3/3 Pat Daley Deloitte April 2013 2/3 Brenda Gibson Wawanesa Insurance April 2015 2/2 Jean Hope Province of British Columbia April 2014 3/3 Caroline Hubberstey Interac Association April 2012 3/3 Sue Hutchison D+H Canada April 2015 2/2 Ritu Khanna PayPal Canada April 2014 2/3 Luc Lalonde Canada Post Corporation November 2011 3/3 Mimi Lepage Public Services and Procurement Canada (Federal Government) October 2014 3/3 Sean Lesy (CPA Board) Credit Union Central Alberta Limited July 2015 1/1 John McKenzie Canadian Depository for Securities Ltd. April 2015 2/2 Don Mercer Consumers Council of Canada April 2014 3/3 Tom Morrison Association for Financial Professionals of Canada (Suncor Energy) April 2014 3/3 Angela Richardson Canadian Gas Association (Union Gas Limited) February 2014 3/3 Jacques St Amant Public Interest Advocacy Centre April 2011 3/3 Peter Thom Bell Canada October 2004 3/3 David Wilkes Retail Council of Canada April 1, 2013 2/3 Stephanie Zee (CPA Board) Citibank Canada July 2015 1/1 OlivierA and PRX 2 Link to comment Share on other sites More sharing options...
Mercury Posted May 26, 2017 Share Posted May 26, 2017 14 hours ago, 7h3i19 said: Gotcha. Yeah they need to give Ripple a look! You can be assured they are. OlivierA, Chan_Maddanna and PRX 3 Link to comment Share on other sites More sharing options...
PunishmentOfLuxury Posted May 29, 2017 Share Posted May 29, 2017 Chandan Maddanna has tweeted this response: Xi195 and Vertigo 2 Link to comment Share on other sites More sharing options...
Diginewbie Posted May 29, 2017 Share Posted May 29, 2017 The Jasper and CAD-Coin are private. Of course. Damn Rudolph syndrome...No foggy Xmas eve coming neither! Link to comment Share on other sites More sharing options...
cmbartley Posted May 29, 2017 Share Posted May 29, 2017 I'm not sure why everyone continues to view Corda and RCL as mutually exclusive... In any event, I think Ripple spent a lot of time trying to understand the value of current DLT technology in payments and concluded the most immediate, achievable benefit was to be gained in crossborder payments. I think they're happy to see that conclusion validated as independent actors start to come to the same conclusion. Xi195 and Vertigo 2 Link to comment Share on other sites More sharing options...
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