German banks’ DLT-based €100,000 security transaction simulation successful

German banks alliance has managed to conduct a test simulation of a big-scale transaction, transferring €100,000 security in a distributed ledger-based environment.

Commerzbank, KfW Banking and MEAG combined efforts and checked if the DLT really can replace the intermediary organizations and cut the middleman. Corda platform was chosen as an environment, and looks like the test was successful. The MEAG’s representatives claim it dramatically helped all three banks to see the practical use of the blockchain technology everybody is so eager to talk about nowadays, and they will continue working together to test the readiness of this platform for market.

The R3 consortium, which developed Corda, has the most influential blockchain enthusiasts in the world as participants – large banks, investment holdings, consulting groups - but it’s mainly focused on the distributed ledger aspect of the blockchain technologies, so some representatives of R3 even advise not to call the consortium a blockchain community.