Wednesday, October 04, 2017
OTTAWA, September 29, 2017 – Payments Canada, the Bank of Canada and enterprise software consortium R3 today released detailed findings from the experiment with distributed ledger (blockchain) technology that has garnered international attention over the last two years. The whitepaper, A Canadian Experiment with Distributed Ledger Technology for Domestic Interbank Payments Settlement, provides a comprehensive view of the experiment, dubbed Project Jasper, including platform design, testing and performance.
“Project Jasper got the world’s attention because it was the first time a central bank and payment system operator had participated in a blockchain experiment with the private sector,” said Andrew McCormack, Senior Director, Technology at Payments Canada. “In fact, that involvement and the participation of financial institutions through R3 was one of the most valuable outcomes from the project. It was a clear illustration of how collaboration can move an entire industry forward.”
The results of that collaborative effort are outlined in the whitepaper, which discusses the background and rationale for the project, governance and organization, details on the proof-of-concept distributed ledger design and key lessons learned, including:
Project Jasper was launched in March 2016 to understand how distributed ledger technology (DLT) could transform the future of payments in Canada. Since then, two phases of exploration into the use of the technology, more commonly known as blockchain, for wholesale interbank - or high-value / wholesale - payments settlement have been successfully completed. The whitepaper, A Canadian Experiment with Distributed Ledger Technology for Domestic Interbank Payments Settlement is available on payments.ca.
About Payments Canada
Payments Canada ensures that financial transactions in Canada are carried out safely and securely each day. The organization underpins the Canadian financial system and economy by owning and operating Canada’s payment clearing and settlement infrastructure, including associated systems, bylaws, rules and standards. The value of payments cleared and settled by Payments Canada in 2016 was C$51 trillion, or C$201 billion every business day. These encompass a wide range of payments made by Canadians and businesses involving inter-bank transactions, including those made with debit cards, pre-authorized debits, direct deposits, bill payments, wire payments and cheques.
For further information please contact:
Tricia Weagant, Payments Canada, firstname.lastname@example.org, 613-806-5168