Distributed ledger technology ("DLT")
has the potential to transform the financial industry. Worldwide,
70% of capital markets information technology providers surveyed
have plans to develop and use DLT projects to assist with trading,
according to a Nasdaq and Celent study. Project Jasper, launched in 2015, is
one such experiment among Payments Canada, the Bank of Canada, TMX
Group, Accenture and R3. Project Jasper aims to provide an
understanding of whether and how DLT can "transform the future
of payments in Canada," according to the white paper published in September 2017 (the
"White Paper"), which we discussed in
our
previous article.
Project Jasper has taken strides towards testing DLT's use
to lower costs and improve efficiency in the context of securities
settlement, as discussed in an October 2018 report summarizing the results of Jasper Phase
3 (the "Phase 3 Report"). However, the
Phase 3 Report concludes that while DLT shows promise, in order to
see
