BTC Wires: Blockchain technology may be the on its way to making a massive contribution to the education sector. This contribution aims to safeguard a pivotal sector of the education domain. Our news todays comes from Canada, where Canadian financial firm BMO has undertaken a project to work alongside Ontario Teachers’ Pension Plan, involving a Blockchain pilot that is set to regularise the scheme of things with regards to the aforementioned pension plan.
A per the project, BMO Capital Markets and Ontario Teachers’ Pension plan will joins hands and validate a fixed income issuance over a blockchain platform in order to make things more secure, transparent and decentralised. As mentioned above, this is a pilot beta test as the purpose of this fixed income issuance is to gauge the feasibility of implementing blockchain technology to this use case.
According to the proposed plan of action, the prototype will enable the participants to have co,plate access to all transactions and testify to the precision of the term sheet, as well as the payment amounts before the security attains a certain degree of maturity. Another target of the project is to cut down the cost related to excessive and time-consuming groundwork like compliance and financial reports. In relation to this collaboration’s utility, BMO has this to say:
“The transaction included Bank of Montreal as the issuer and Ontario Teachers’ as the buyer of a CDN $250 [million] 1-year floating rate Deposit Note, making it the first Canadian dollar fixed income issuance demonstrating the viability of blockchain platform.”
Partners of the project, Ontario Teachers’ are a noteworthy party, especially with regards to the demography that they cover in present times. The organisation works after a pension plan that is focused on a single profession and serves close to 323,000 working and retired teachers in and around Ontario’s province. Reported net assets value of the pension plan as of December 31, 2017 is worth $189.5 billion.
A statement for Audrey Gaspar, Managing Director for Ontario Teachers’ reads:
“Ontario Teachers’ is committed to exploring technology and innovations that might improve our ability to serve our members. We are pleased to partner with Bank of Montreal in this pilot blockchain initiative.”