LLT project progress: Issue the product within a year?
The LLT project is the world's supported block chain project, and there are already 30 multinational companies that have joined the project.
Thomas Daly joint LLT project full-time this year, as the chief architect of the project, he served as Google software safety engineer, according to Thomas, manage expectations is the biggest challenge to design cooperation agreements with the bank, and to construct a work platform as soon as possible at the same time.
Thomas daly said:
"Excessive publicity, exaggerating actually very undesirable, but it is late to say this now, in the Sibos (global payments meeting was hold in last month in Singapore), everyone is talking about the chain block, this situation which make us must to create a product and give people a confession in the coming year, otherwise we will be ridiculed , and was thought we are only an armchair strategist."
Thomas will attend the block chain seminar sponsored by the commonwealth bank of Australia (CBA) this week. In addition, Westpac Banking Corporation will launch the block chain design competition at the Fintech hub Stone & Chalk on Tuesday.
CBA just created a virtual block chain in its innovation laboratory in Sydney , will be used to show how the block chain technology reduce the costs and risks of international payments and other applications to the regulator.
Thomas said in a Skype call in San Francisco last week:
"Many Banks feel they can reduce or completely eliminate costs by adopting some sort of common ledger, and let that benefit spread all over the industry."
Thomas says member Banks should have a broad interest in the application of LLT, including trade finance, processing group loans, clearing and OTC derivatives clearing, and market lending. "It's a big umbrella," he said.
But to deploy real customer’s capital or data to the block chain, need to be signed by regulators. This is one of the reasons the CBA held a conference on block chain in Sydney this week.
Regulators will not allow you to pass the test because of what you create is a kind of technology, , even if you created this kind of technology, financial institutions are not necessarily to use it, if there is not accept by regulatory agencies and financial institutions, it's useless. The best way to do this is to start from the beginning and build on specific needs of regulators.
"I communicate with multiple national regulators, 'cautiously optimistic' can be used to summarize their attitude to this technology, on the one hand, they are willing to understand how this technology it is, on the other hand they should take as a conservative approach to make sure things run smoothly."
Thomas said the technology could also help regulators monitor systemic risk in financial markets.
If our development work can develop smoothly in the right direction , then we can provide regulators with a monitor real-time data window in financial markets, they can check the market situation and formulate policies, if regulators have a window which can know what happened the in the market, so they can put forward a better way to prevent systemic risk.
LLT recently recruited talent from some of the world's largest technology companies to develop the team. Asian American block is the creator of the chain, chain joint laboratory (AABL) co-founder, chief technology officer is the predecessor of the company's business banking innovation IBM executive architect, the chief engineer, a former senior director of global oil company in Singapore, its chief platform engineer is in Google senior software engineer worked for 7 years.
In February, 2018,LLT will officially hold a new product launch event. Welcome to visit!!!