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Consensus Systems to perform “ConsenSys” of business development and professional consulting services. It moved as a proof-of-concept of Microsoft’s banking client “eTRS”, a complex prediction in the project on the network of Ethereum block chain carried out in the prediction market applications introduced, such as “Gnosis”.
Software provider ConsenSys has built an application that will enable financial market participants to build total return swaps using blockchain technology available through Microsoft servers. The blockchain-based eTRS is a smart contract that allows counterparties to automatically perform due diligence, settle at T+0 and make real-time cash and collateral payments, according to a set of pre-programmed terms based on ISDA contract terms. ConsenSys built the prototype on the Ethereum blockchain platform. “The eTRS is initially for dealers and clients that transact in financial derivatives or other products that involve counterparty credit risk,” said ConsenSys CFO James Slazas. “The eTRS serves as a proof of concept for financial institutions to learn about the opportunities afforded by blockchain technology.” By using smart contracts on blockchains, banks may save IT and operational costs associated with internal reconciliation, multi-day settlement periods and trade life-cycle management. The use of a single blockchain platform across the industry would make reconciliation redundant, while settlement time would be just seconds. “ConsenSys’ eTRS highlights substantial back-office savings and error reduction,” said Slazas. “Settlement savings are fairly easy to envision and are what has attracted many institutions.” The new application was previewed by banks including Morgan Stanley, Citi and JP Morgan at Microsoft Connect 2015 held this month in New York. Bank appetite for blockchain solutions is ballooning, amid speculation that public ledger digital platforms could usher in a new era of peer-to-peer transfers of value, derivatives transactions and settlement fully automated on the internet.
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Reuters: Microsoft launches cloud-based blockchain platform with Brooklyn start-up
TechCrunch: Microsoft Partners With ConsenSys To Use Ethereum To Provide Blockchain-As-A-Service
Wired: Microsoft and Ethereum want everyone on the blockchain
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