Financial companies led by Swiss bank UBS are testing a blockchain platform to help them comply with new European Union trade data standards due to come into force next year.
Blockchain, the technology underpinning cryptocurrencies such as bitcoin, is a shared and immutable database maintained by a network of computers on the internet.
The more stringent requirements are part of the Markets in Financial Instruments Directive II, an overhaul of EU rules aimed at improving financial market transparency..
“The project is getting market participants to collaborate using blockchain to improve regulatory reporting,” Peter Stephens, head of blockchain at UBS, told Reuters.
Source/More: UBS leads blockchain data reporting pilot ahead of new EU rules – Business Insider