UBS, one of the leading financial services company, has donated the code for a blockchain-based trading platform to a nonprofit group the HEAL Alliance, CoinDesk reported.
The HIV Eradication Alliance (“HEAL Alliance”) is a nonprofit group focused on supporting HIV research. It plans to use UBS's code as part of a platform being developed by London-based financial tech startup Finclusion Systems. The UBS Innovation Lab in London is one of the early backers of the initiative.
The HEAL Alliance announced on Thursday the commencement of a blockchain testnet and distributed data compliance environment for the HEAL Alliance HIV Cure Public Health Smart Impact Bond Series ABC ("HEAL Bond on Blockchain") on Finclusion Systems blockchain/cryptocurrency platform from January 21 to April 20, 2016.
In addition to the UBS Innovation Lab in London, collaborators with HEAL Alliance include Microsoft Corporation, Intel Corporation, the HIV Cure Initiative and UC San Francisco UCSFGIVI Center for AIDS Research. Linklaters provided pro bono support to Finclusion Systems development of HEAL Bond, up to Davos 2016.
“One of our first experiments in the UBS Innovation Lab in London was the development of a "Smart Bond". This experiment confirmed the potential benefits: clearing and settlement on blockchain could be faster, more efficient and transparent while reducing settlement risk and operational cost”, said Oliver Bussmann, UBS Group Chief Information Officer. “UBS is proud to contribute to the HEAL Bond on Blockchain and agreed to share the learnings of its "Smart Bond" experiment with the HEAL Alliance.”
The HEAL Alliance plans to go-to-market with the first ever "Smart Impact Bond" with participating banks and partners for HEAL Bond on Blockchain up to $10 billion, the press release said.
“The HEAL Bond will be a Smart Contract on Blockchain and all monies will be tokens on blockchain backed by cash in bank and 100% transparent and programmable”, it added.
