Calastone, a British company engaged in financial and technological services for investment funds, intends to transfer its settlement system to the blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details by May 2019. As reported by Reuters UK today, December 3rd.
Calastone provides services to more than 1,700 companies, including JP Morgan Asset Management, Schroders and Invesco.
Calastone-related distribution procedures are handled manually, including over 9 million messages and transactions totaling $ 217 billion a month between buyers, sellers and distributors, according to data on the company's website.
Automating processes using the Blockchain will make them less costly and more efficient, since transactionTransaction
– is a financial term that means a logically meaningful operation that can only be carried out completely. Details participants will no longer have to repeatedly transmit the same information.
“The more processes you automate, the more you risk, but you significantly speed up all the work,” said Andrew Tomlinson, chief marketing specialist for Calastone, to Reuters.
In June, the company announced the successful completion of the first stage of the experimental model and promised to move its system to a "private blockchain and blockchain with limited access" in 2019.
Editor: Yuliya Soroka