Depository Trust & Clearing Corporation (DTCC)
Summary
DTCC records for most of the world’s securities, representing some $48 trillion in assets—from stocks and bonds to mutual funds and derivatives. In a few months DTCC will begin the largest live implementation of blockchain. Records for about 50,000 accounts in DTCC’s Trade Information Warehouse, where information on $10 trillion worth of credit derivatives is stored, will move to a customised digital ledger called AxCore.
AxCore protocol is originally derived from the public ethereum blockchain, and the DTCC’s system uses the same Solidity smart contract language that powers its applications. However, AxCore has been modified to include a modular consensus mechanism that lets it tailor services to the specific needs of the DTCC, as well as submit real-time reports to both regulators and other counterparties.
And, unlike ethereum, the DTCC implementation of AxCore does not include a token – though both Axoni and Palatnick (DTCC’s chief technology architect) confirmed the system is still powered by a form of "gas," implying a parallel to the way transaction fees are paid on the ethereum blockchain.