According to the Credit Suisse press release of March 1, Credit Suisse and the Dutch financial services groups ING successfully completed the first direct transaction of 25 million euros (approximately 30 million dollars) on R3’s Corda Blockchain platform.

Credit Suisse and ING have transferred legal ownership of Dutch and German government securities via the HQLAX Digital Collateral Records (DCR) on the lending application of HQLAX Corda.

The transaction was carried out by transferring ownership rights to HQLAX DCR linked accounts with “baskets of securities”, instead of the conventional way of transferring individual securities themselves.

The press release writes that this use of the CRDs to transfer securities can ” ultimately help improve regulatory transparency, mitigate systemic risk, reduce operational risk and help financial institutions manage their capital more effectively.

The Credit Suisse press release states that the law firm Clifford Chance was also involved in the development of a legal framework for a transfer of ownership of securities based on the CRD.

Ivar Wiersma, head of ING’s Wholesale Banking Innovation, said in their press release:

“What’s really different is that [using digital ledger technology] gives the regulator the opportunity to get direct access to the ledger and see the entire digital history of the transaction, from where it originated to its ownership and attributes. In the over-the-counter environment, which is traditionally not that transparent, it could make the entire financial system more resilient.”

R3 CEO Charley Cooper told Reuters that the successful transaction was “more than just proof of concept in a fenced-in Lab.

“These are regulated institutions in a real market and it is a unique demonstration that blockchain solutions are being deployed in commercial settings.”

According to Reuters, a representative of the ING Blockchain initiative said the application will be online by the end of the year.

Amazon Web Services (AWS) announced a partnership with R3 last December for the use of the Corda platform’s distributed ledger technology. In November of last year, ING published a zero-knowledge “Wall Street friendly” proof that can confirm the accuracy of a transaction without losing its anonymity.

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