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Blockchain News - 4

Big names from banking sector are testing blockchain platform.

Swiss bank UBS as well as others, such as Credit Suisse and Barclays, are tes­ting a block­chain plat­form that will help them to com­ply with regu­la­to­ry requi­re­ments for the MiFID II rules that took effect on the 3rd of January 2018. The plat­form is built on a pri­va­te Ethereum block­chain, which allows deve­lo­ping decen­tra­li­zed app­li­ca­ti­ons. This means that the par­ti­ci­pa­ting banks will be able to anony­mous­ly cross-reference Legal Entity Identifier (LEI – a uni­que 20-digit code, which refers to infor­ma­ti­on about a com­pa­ny and data about their cli­ents) data.
The banks will be able to check their data on legal enti­ties and bet­ter com­ply with the new rules.

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