Project Ion processes 100,000 daily transactions using distributed ledger technology (DLT).
New York-based post-trade financial services company The Depository Trust & Clearing Corporation (DTCC) has released a private blockchain project aimed at providing customers with a secure payment service, according to a press release.
Wall Street Project Ion Processes 100,000 Transactions Daily
The blockchain platform is called Project Ion, and DTCC says it currently processes an average of more than 100,000 binary stock transactions per day in a parallel processing environment, and about 160,000 on peak days.
A few prominent traditional finance firms, such as Goldman Sachs and JP Morgan, are turning their focus to blockchain technology, with the former chairman of the New York Stock Exchange claiming that “blockchain technology will restructure all financial services,” as quoted by Wall.
Unlike many traditional blockchain networks such as Bitcoin and Ethereum, DTCC’s private and permissioned project is developed in collaboration with companies such as Barclays, BNY Mellon, Charles Schwab, Citadel Securities, Citi and Credit Suisse.
DTCC has also partnered with software provider R3 to launch Project Ion using R3’s Corda distributed ledger technology (DLT) software.
Murray Pozmanter, executive director and chairman of DTCC, said:
“Emerging technology such as digitized assets and DLT are shaping and enhancing the financial services landscape. In addition, we are determined to develop innovative solutions that take advantage of opportunities, offer new values and move the industry forward.”
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