According to a Reuters report, the Bank of Canada (Bank of Canada), Toronto Stock Exchange operator TMX Group, and the non-profit organization Payments Canada have successfully completed a blockchain pilot project aimed at applying the emerging technology to securities markets. Real-time settlement transactions are in progress.

The three companies believe that while blockchain is the underlying technology for cryptocurrencies such as bitcoin, it can also be applied to automate real-time securities settlements. Whether it is cash or assets, they can be effectively "marked" and then exchanged in real time. In an interview with Reuters, Gerry Gaetz, President and CEO of Payments Canada, said:

"Blockchain technology brings an unprecedented payment processing method, allowing the buyer's cash to be sent directly to the seller without any intermediaries, which in turn enables real-time settlement."

The Bank of Canada launched the blockchain pilot in 2016, dubbing it "Project Jasper" at the time. At the end of last year, they completed the final stage of trial operation. But while the pilot project has been officially completed, some in the industry are skeptical about the cost-saving advantages of the blockchain system, Bank of Canada senior special director Scott Hendry said in Toronto. When attending a meeting, say:

“After the pilot project of this blockchain real-time settlement system is completed, we still cannot be sure whether there will be significant cost savings for various parties involved, and it is not clear whether these participating parties and banks will benefit from this blockchain system. "

On the other hand, the Xrapid liquidity solution launched by Ripple, a blockchain financial technology startup, has received positive feedback from many financial institutions. Some pilot projects can help them save 40-70% of costs while improving transaction speed. Recently, JPMorgan Chase also applied for a patent for a P2P payment network based on blockchain technology, which can be used for intra-bank and inter-bank transaction settlement.