Fundchain bids to move beyond prototyping
19 October 2017 | 4965 views | 0
Fundchain, a collaborative initiative of the Luxembourg fund industry, is to advance its exploration into potential applications for distributed ledger technology and define ready-to-use products that could be implemented in the short-term.
Having scoped out the potential of the technology, the initiative is moving forward with a mission to go beyond prototyping with the support of Brown Brothers Harriman, European Fund Administration (EFA), HSBC, ING Luxembourg, Pictet, RBC Investor & Treasury Services, PwC Luxembourg, Schroders and Swift.
In its first incarnation, which won the support of nine major banks, Fundchain developed a working protytpe based on the Ethereum blockchain dubbed SmartTA, with the aim of improving and automating processes for digital shares transactions.
The new group of participants is now working on distinct use cases subject to blockchain redefinition, says Pierre Gérard, Scorechain CEO and Fundchain Project leader.
“The new phase will concentrate on topics that could be implemented in a really near future," he says. "Thus, the technological feasibility, the business model, interoperability and any regulatory impacts will be analysed. Non core business use cases might be the good targets.”