Payments Canada, the Bank of Canada and R3 have released detailed findings from the experiment with distributed ledger (blockchain) technology. The whitepaper, A Canadian Experiment with Distributed Ledger Technology for Domestic Interbank Payments Settlement, provides a view of the experiment, dubbed Project Jasper, including platform design, testing and performance.
The whitepaper discusses the background and rationale for the project, governance and organisation, details on the proof-of-concept distributed ledger design and key lessons learned. These include a clearer understanding of the capabilities of distributed ledger technology platforms, the feasibility of applying Liquidity Savings Mechanisms on a distributed ledger platform, and the value of collaboration among Canadian industry members.
Project Jasper was launched in March 2016 to understand how distributed ledger technology (DLT) could transform the future of payments in Canada. Since then, two phases of exploration into the use of the technology, more commonly known as blockchain, for wholesale interbank - or high-value / wholesale - payments settlement have been successfully completed.