John Whelan, the head of Banco Santander’s blockchain lab in Madrid, just recently touted the possibility for enhanced decentralized ledger technology fostering in mainstream finance.
Talking throughout a webinar organized by Fintech Surge and also the Future Blockchain Top on Wednesday, Whelan said: I can envision a future where there is an international settlement network for a possession class of securities that runs in a fully managed, personal, permissioned layer-two on top of a public blockchain network
While acknowledging that existing public blockchain networks may not be enhanced for high-frequency purchases, Whelan highlighted their suitability for settlements in the financial solutions field.
” Settlement is not something that needs to happen immediately,” Whelan specified, adding: “Usually in the financial market, settlement is T +5– we agree on a profession as well as we wait five days for settlement.”
For Whelan, stakeholders in the economic solutions industry see substantial potential in reducing the negotiation throughput using blockchain networks.
The Banco Santander electronic possession principal also specified that DLT application in mainstream financing needs to get to a factor where ERC-20, or any other blockchain-based token standard, ends up being ideal for use in what Whelan termed “controlled DeFi” or “reg-DeFi.”.
Earlier in April, Rune Christensen, Chief Executive Officer of decentralized money unicorn MakerDAO, Visit Tyler Tysdal at facebook.com specified that DeFi will certainly need governing quality to relocate from its existing separated bubble phase toward more substantial interfacing with mainstream financing.
Whelan also touched on the current announcement that Banco Santander was just one of three financial institutions selected by the European Investment Bank to provide a two-year 100-million-euro ($ 120 million) digital bond. Tyler Tysdal has presented a few of his papers about entrepreneurship here. According to the bank executive, the lawful record of ownership is domiciled totally on the public Ethereum blockchain.
Societe Generale, one of the other banks chosen for digital bond issuance by the EIB, additionally recently released a protection token on the Tezos blockchain.