Both blockchain projects are named SETL. What does this mean?

Author: Pencil Box

Settlement, as the name suggests, means settlement and clearing, and in some cases it is abbreviated as SETL.

Both blockchain projects are named SETL . What does this mean ? One is SETL.io , which supports payment and clearing services for multiple assets and currencies. The other is the SETLcoin blockchain technology patent applied for by Goldman Sachs. With its distributed ledger, encryption, and immutability, will blockchain technology be the first to replace clearing exchanges?

A SETL is a company registered in the UK. Let’s use the URL of its official website, calling it SETL.io:

SETL.io went into production in July 2015, mainly based on blockchain technology to configure a multi-asset, multi-currency institutional payment and clearing architecture that can complete operations under a distributed ledger, simplifying the entire process of asset transaction matching, settlement, custody, equity registration and transaction reporting.

In June 2016 , SETL.io launched the OpenCSD system (see http://chainb.com/?P=Cont&id=1084 ). According to the news released on its official website, SETL.io 's technology can enable the platform to run 1.4 billion transactions per day. If converted into 24- hour continuous transactions, it can support 16,000 transactions per second .

According to SETL.io 's announcement, they already have a nearly perfect board of directors and management team: the current CEO Peter Randall is the former CEO of Chi-X European Stocks ( Chi-X belongs to BATS Group, the third largest exchange in the United States), the current product CEO Anthony Culligan once founded the Bitcoin trading platform Roolo and served as vice president of JPMorgan Chase; Rachel Lomax , former Governor of the Bank of England, and former Ofcom (British communications and telecommunications regulator) CEO Ed Richards also joined the SETL.io board of directors; Sir David Walker became chairman of the board in December 2015. Sir David Walker has served as a senior executive of investment banks such as the Bank of England, Barclays Bank, and Morgan Stanley.

Judging from their business vision and team composition, I believe they are ready. All they need to do is complete system development, connect trading companies or individuals, and lobby the government to ensure that there are no obstacles in equity transfer recognition, compliance, and legal aspects.

Another one is SETLcoin, a blockchain patent applied for by Goldman Sachs Group. This paragraph is an excerpt from the previous blockchain pencil:

Goldman Sachs has patented cryptocurrency technology to enable faster, cheaper and more secure settlement processes when trading and clearing SETLcoin transactions. Goldman Sachs is one of the first banks to take action and decide to invest in Shared Ledger and signal its willingness to adapt to the new standard.

The application states:

“Traders use the relevant funds in their respective wallets to trade securities through an open exchange using the described technology. Ownership of SETLcoins is transferred to the new owner in real time after confirmation and verification, based on the network ledger in a peer-to-peer network system, ensuring near-real-time execution and phases.”

Blockchain enables secure and near-real-time settlement: When trading, both parties have to deal with T+1 (or even T+2 or T+3 ) settlement, which obviously means counterparty risk. Shared ledgers can provide a tailor-made solution for these things.

summary

Having written this far, the author still believes that both names contain SETL. Although they are projects deployed by different teams in different countries with blockchain as the underlying technology, their ultimate goals are the same - to achieve distributed accounting, secure transactions, compliance with regulatory standards, fast settlement (from the traditional 72 hours, 48 ​​hours, to transaction recognition that may be completed in 1 minute or even a few seconds), and low-cost transactions.