Mastercard, Citigroup, JPMorgan Chase team up to test shared ledger technology
Mastercard is partnering with some of the largest banks in the United States to test shared ledger technology. This technology will allow commercial banks to settle tokenized assets such as currency, treasury bills, and investment-grade debt securities. In a statement, Mastercard said that the regulated settlement network concept verification will simulate US dollar transactions. The goal is to make cross-border and system transactions faster, easier, and reduce opportunities for errors and fraud.
Ledger technology could greatly change the way the financial industry operates today. Currently, commercial bank funds, wholesale central bank funds, and securities such as investment-grade debt reside in different systems. However, once these assets are transformed into tokens running on a distributed ledger, settlement can take place on the same system.
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