European banks transferred live securities on the Blockchain R3 platform

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Credit Suisse and ING transferred legal property of Dutch and German government securities using HQLAX Digital Collateral Records (DCRs) on the HQLAX Corda’s application to secure collateral loans.

The transaction was carried out by transferring the ownership rights of HQLAX DCR-linked accounts containing "securities baskets", instead of the traditional way of transferring the individual securities.

The press release says that this use of DCRs for the transfer of securities can "ultimately contribute to improving the transparency of regulations, reducing systemic risk, reducing operational risk and improving the management of financial institutions."

In a press release of Credit Suisse mentioned that the law firm Clifford Chance was also participated in the development of a legal basis for transferring ownership of securities based on DCR.

Charlie Cooper, a managing director of R3, said that the successful transaction was much more than a proof of concept in a fenced laboratory.

Amazon Web Services (AWS) announced a partnership with R3 in December of last year to use Corda's distributed ledger technology. In November of last year, ING released a “Wall Street friendly”, a proof of zero-knowledge, which can confirm the accuracy of the transaction without losing its anonymity.