UBS contributes blockchain code to AIDS research institute, project aims to raise $10 billion

According to CoinDesk, UBS has donated the code of its blockchain trading platform to an AIDS cure organization.

The HEAL Alliance, a nonprofit focused on supporting HIV research, is currently developing the blockchain platform with the help of London-based fintech startup Finclusion Systems, which aims to use blockchain technology to raise funds.

UBS Innovation Labs is one of the supporters of the initiative, which also includes Microsoft, Intel, the UCSF Gladstone Institutes and the Immunology Center for AIDS Research.

Previously, UBS donated code for a proposed blockchain-based trade settlement system. The bank is one of several large companies experimenting with the plan, which also includes CME Group, Euroclear, LCH, LME and Societe Generale.

The HEAL Alliance hopes to raise $10 billion by selling "social impact bonds" through a blockchain platform. The platform is currently undergoing testing and is not accepting investments.

It is reported that the funds raised will be used to promote research on a treatment for an autoimmune disease.

Oliver Bussmann, CIO of UBS Group, commented:

“This experiment demonstrates the potential benefits of blockchain: clearing and settlement on a blockchain can be faster and more efficient, while reducing settlement risk and operational costs.”

Bussmann continued:

“UBS is very proud to have contributed to the HEAL Bond on the blockchain and to have agreed to share the learnings from the ‘smart bond’ experiment with the HEAL Alliance,”

Original article: http://www.coindesk.com/ubs-blockchain-hiv-research/
By Stan Higgins
Translator: Overnight porridge
Source (translation): Babbitt Information (http://www.8btc.com/ubs-blockchain-hiv-research)