Russia and South Africa join forces to develop Blockchain Tech.

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At the recent Sibos event in Geneva, several organizations showed off blockchain prototypes and had plenty of discussion regarding the technology. During the event, Russia’s National Settlement Depository(NSD) and South Africa’s Central Securities Depositories (CSDs) signed a letter of intent to begin initiatives using distributed ledger protocols.

With This union is intends to initiate developments utilizing distributed ledger technologies (DLT) These two companies South Africa’s CSDs and Russia’s NSD believe the partnership will invigorate DLT innovation and solutions that “benefit the financial market.”

Both parties agree that blockchain technology will “rapidly grow” and create a new “paradigm shift” in the current economy. Moreover, the parties believe it will transform markets such as security transactions, financial infrastructure, and others.

“We believe that the securities settlement and custody industry is one of the promising sectors where we can use new technologies. I think that post-trading may become the starting point of transition of the distributed ledger technology and blockchain from theory to practice. In 2015, we began research and initiated new developments; since that time we have developed valuable expertise in this sphere, and now we are eager to share it with our colleagues,” Said Eddie Astanin, Chairman of the executive board, NSD.

Back in April, the NSD was one of the first Russian organizations to develop a blockchain-based prototype for an e-proxy voting network. The first prototype was designed for corporate actions, such as securities transactions and issuing documents and data. NSD added that its code is entirely open source and also available via GitHub.

“We have to be one step ahead of everyone else and to use the opportunities we have now. Only the united efforts of the largest players in our industry will enable them to respond to new challenges and integrate new technologies,” Astanin added.

As shown here, distributed ledger technology continues to produce collaborations. Likewise, many other groups are pledging to join forces to advance innovation faster –and intend to apply common standards.

Image: Pixabay

Source: Bitcoin.com

Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and/or services. This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest.

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