India-based Tata Consultancy Services used the Quartz blockchain to secure the first settlement in history between two centralized depositories. Based out of Morocco, the CSD Maroclear was the first of two depositories involved in the exchange. The second was Kuwait Clearing Company, a primary CSD in the country. A sample test was performed between the two parties involving a chain of transactions using multiple accounts to instantly make the exchange.
They declared the transaction to be a success on Wednesday – with real-time notifications solidifying the exchanges in the process. Pilot exchanges used a fiat-based stable coin on the blockchain rather than the traditional DVP payment system. By using blockchain tech, the company was able to avoid challenges typically seen in popular business models when making transactions. The innovative method of exchange opens new doors for customers using the platform. Clients can also use RippleNet to help process cross-border forex transactions as well.
The company Maroclear has been steadily working on more than one hundred projects in this area since 2016. Banks, market infrastructure and insurance firms will work together on one single ledger within the system. There are reportedly at least 450 TCS customers who have access to the BaNCS, Quarts blockchain-based network as of today.
TCS is already doing well with an annual revenue of $15.4 billion, a small portion of the $100.4 billion their parent company Tata Group is said to bring in each year. The new move coincides with the United States Securities and Exchange Commission’s search for a new cryptocurrency attorney advisor to help with their Division of Trading and Markets who will be responsible for crypto security measures.