Abstract
We implemented the automation of a real-world Bilateral Derivatives Over-The-Counter Post Trade Confirmation financial transaction model adopting the Corda permissioned blockchain technology; this kind of transaction is currently performed manually by specialized clerks in most private banking organizations. The proposed solution design is an innovative certified sequence of the workflow states of the transaction, based on the asynchronized interaction among two parties through a smart contract coordinated and validated by the notary node. We show the business logic model of the application and the flow diagrams compatible with the current Corda R3 distribution.
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Notes
- 1.
https://www.sia.eu Società Interbancaria per l’Automazione.
- 2.
https://www.abilab.it/aree-ricerca/blockchain-dlt/spunta-banca-dlt Spunta Banca DLT.
- 3.
https://www.abi.it Associazione Bancaria Italiana.
- 4.
https://www.corda.net The Corda permissioned distributed blockchain.
- 5.
https://www.r3.com R3 Consortium.
- 6.
https://docs.corda.net/docs/cdl/cdl/cdl-overview.html CorDapp Design Language (CDL) overview.
- 7.
https://www.gleif.org Global Legal Entity Identifier Foundation.
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Acknowledgements
This work was funded as a feasibility research by Armundia Group.
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Carare, A., Ciampoli, M., De Gasperis, G., Facchini, S.D. (2022). Case Study: The Automation of an over the Counter Financial Derivatives Transaction Using the CORDA Blockchain. In: Prieto, J., Partida, A., Leitão, P., Pinto, A. (eds) Blockchain and Applications. BLOCKCHAIN 2021. Lecture Notes in Networks and Systems, vol 320. Springer, Cham. https://doi.org/10.1007/978-3-030-86162-9_13
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DOI: https://doi.org/10.1007/978-3-030-86162-9_13
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