UBS to Launch Live Ethereum Platform with Barclays, Credit Suisse and More

Michael del Castillo   |  Cointelegraph
 Dec 11, 2017 at 12:00 UTC

Described internally as the Massive Autonomous Distributed Reconciliation platform, or Madrec for short, the project led by Swiss banking giant UBS, with help from Barclays, Credit Suisse, KBC, SIX and Thomson Reuters, is designed to make it easier for banks to reconcile a wide range of data about their counterparties.

Traditionally, regulated firms use what are called “legal entity identifiers” that are stored in a global data system to execute transactions on behalf of clients, even if those clients themselves don’t have one of the codes. But as part of a sweeping regulatory change called the Markets in Financial Instruments Directive (MiFID) II, scheduled to go live in the EU on Jan. 3, 2018, all eligible legal entities will be required to have and use these codes.

Instead of mandating that each of these institutions perform these checks independently, though, the banks built Madrec to mutualize much of the effort in a potentially industry-wide reconciliation process hosted in the Microsoft Azure cloud.

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Apple’s Latest Patent On Blockchain Use


Apple has joined the majority who had adopted the blockchain technology by declaring its new patent application based on the public application to US Patent and Trademark Office on Thursday where Blockchain technology was used to certify timestamps as a program combined with Public Key Infrastructure (PKI) tools.

Apple’s new patent application describes three possible methods for establishing timestamps, with one of these scenarios centering on a Blockchain platform. There is a use case in question where data stored involves tying a piece of information to a particular transaction on a Blockchain, establishing the state of that data at a particular point in time.

The program would generate a block containing a timestamp, with every subsequent block being added as miners verify each transaction conducted on the chain. This system is part of what Apple is calling a “multi-check architecture,” meaning that another system would confirm the timestamp after the block is generated but before it is added to the chain.

Like other established institutions, Apple believes in the power of Blockchain technology and its benefits though the new patent application.