fbpx

India’s Tata Consultancy Services Tests Securities Settlement Using Blockchain

May 4, 2019

India’s Tata Consultancy Services (TCS) has tested the first-ever securities settlement between two central depositories on the Quartz blockchain.

According to a report by Cointelegraph, TCS revealed that the test was carried out between two Central Securities Depositories (CSD), namely, Maroclear, the CSD of Morocco, and Kuwait Clearing Company, the CSD of Kuwait. For the operation, data on equities and fixed income securities was entered onto the blockchain and transferred immediately. The experiment involved the use of cash coins on the BaNCS Network, which is powered by Quartz blockchain.

The IT service provider added that the network used to test the operation is a private permissioned blockchain, which offers services in the market infrastructure, banking, custody, and insurance industries on the same ledger. A company statement said that 450 clients have already gained access to the BaNCS Network.

CrunchBase data indicates that TCS has an annual revenue of US$15.4 billion. Its parent company Tata Group generates US$100.4 billion in annual revenue, according to the data.

Cointelegraph had previously reported that the Mauritius Financial Services Commission had issued a second guidance note on security token offering (STO) regulation.

Additionally, the United States Securities and Exchange Commission (SEC) has said that the agency is seeking to employ a cryptocurrency specialist attorney advisor to work for the commission’s Division of Trading and Markets. The specialist will be tasked with establishing “a comprehensive plan to address crypto and digital asset securities.”

Source: cointelegraph.com

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Facebook Decides not to Offer Libra in India
Facebook has decided not to launch its Libra token in India due to regulatory pressure from the Indi...

July 20, 2019

Malaysian Blockchain-based Exchange Leads Digital Transformation
Fusang Exchange has been granted approval by the Securities Exchange to operate in Malaysia’s specia...

July 20, 2019

HSBC Blockchain Link-Up Platform Saves 40% of Transaction Time
A shipment between Hong Kong and Dubai involving two separate blockchain platforms was able to succe...

July 20, 2019

LG Applies Blockchain Platform to School Lunch Programs
An LG subsidiary has announced plans to develop a blockchain-based platform for the distribution of ...

July 19, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us