The D.T.C.C. project will not use Bitcoin’s blockchain. Instead it is building something similar to a blockchain, known as a distributed ledger, which multiple financial institutions can update and view at the same time. Unlike Bitcoin’s blockchain, the D.T.C.C. ledger will be open only to invited participants.

Mr. Bodson said the basic promise of a distributed ledger is that it provides “one version of the truth that everyone shares and everyone utilizes.”

The new ledger will replace an existing database, known as the Trade Information Warehouse, that records information about every credit default swap trade that comes through the D.T.C.C. Credit default swaps, which played a major role in the 2008 financial crisis, are essentially bets on the success of bonds.

The D.T.C.C. oversaw about $11 trillion in credit default swaps trading last year, or 80 percent of all trades in the global market. Banks rely on the Trade Information Warehouse to determine when payments are due and what size they will be.

Because the database will be edited in group fashion, the hope is that it will provide a more streamlined and reliable source of information.

Mr. Bodson said that if the database was successful, the D.T.C.C. could use the technology to move money rather than just record information.

Over the last few years, most banks have announced efforts to explore the potential utility of blockchain technology. This has gone to the highest levels, with some central banks talking about moving their own national currencies onto some sort of blockchain.