UBS is leading a pilot programme that uses Ethereum smart contracts to improve data quality ahead of MiFID II regulation . From January , u II will require all institutions to have their own legal entity registry ( LEI ) . The UBS project – which is also supported by Credit Suisse , Barclays , Thomson Reuters , SIX and KBC – streamlines the process of reconciling LEI data for an individual bank . This data is then cryptographically held at each participating institution using hashing . It can then be submitted anonymously to an Ethereum private server , where users can search and view their own data in real - time .
UBS is leading a pilot programme that uses Ethereum smart contracts to improve data quality ahead of MiFID II regulation. From January, MiFID II will require all institutions to have their own legal entity identifier (LEI). The UBS project – which is also supported by Credit Suisse, Barclays, Thomson Reuters, SIX and KBC – streamlines the process of reconciling LEI data for an individual bank. This data is then cryptographically held at each participating institution using hashing. It can then be submitted anonymously to an Ethereum private blockchain, where participants can search and view their own data in real-time.