By using distributed ledger technology (DLT), Canada’s TMX Group Ltd. and its national payments system successfully cleared and settled securities on an integrated platform as part of their Project Jasper research initiative. For Canada’s central bank, stock-exchange operator TMX Group, it is a major achievement.

The experiment involved the integration of the technology to the existing market infrastructure. Later, the Canadian Depository for Securities and Bank of Canada issued digital depository receipts to the ledger system. This enabled the customers to mimic securities against the cash on the ledger.

The test results showed that using DLT Technology, instant payments are possible just by swapping cash from buyers to sellers without any hassle. Moreover, this will ensure a user’s safety and privacy in the market. A 36-page report has been published with the help of Accenture Plc and a blockchain software company R3.

Scott Hendry, Senior Special Director of Bank of Canada’s financial technology stated that the use of DLT Technology can open up new windows of opportunities. Adding to it, he also said that the technology has the capability to reduce cost and time required for the existing system to function.

Moreover, John Lee, TMX’s Managing Director of enterprise innovation and product development also said that Project Jasper gives real insight into the usage capability of the technology to continuously develop at the global financial ecosystem.