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AlphaPoint announces completion of blockchain trial with Scotiabank

AlphaPoint announces completion of blockchain trial with Scotiabank

AlphaPoint, a financial services infrastructure firm specializing in blockchain technology and B2B digital currency solutions, announced today that it has completed a successful proof of technology leveraging the AlphaPoint Distributed Ledger Platform (ADLP) with Scotiabank (NYSE: BNS), a leading international bank headquartered in Toronto.

The AlphaPoint Platform enables firms to digitize financial instruments on its proprietary distributed ledger, rapidly create trading venues for those blockchain assets, and manage pre-trade and post-trade workflows in concert with existing systems.

During technology trials, Scotiabank explored and evaluated how to leverage the platform internally across a range of use cases.

AlphaPoint announces completion of blockchain trial with Scotiabank
Joe Ventura, Founder of AlphaPoint

Joe Ventura, Founder & CEO of AlphaPoint said:

“Distributed Ledger Technology enables institutions to rethink how data flows within their organizations. Partnering with Scotiabank is an amazing experience – their team is leading the charge by proving out pragmatic, near-term implementations of this revolutionary technology.”

A recent study conducted by Accenture and McLagan estimates financial institutions can save $8 – $12 billion per annum through the at-scale use of blockchain technology, including savings of up to 70% in reporting, 50% in post-trade, and 50% in compliance.

As part of the multi-month project, trade reports were submitted to a deployment of the AlphaPoint Distributed Ledger Platform, which ran simultaneously on Microsoft’s Azure cloud and AlphaPoint hardware. In real-time, the blockchain network converted FIXML messages to smart contracts and created an immutable “single truth” across the entire network.

Notable features of AlphaPoint’s full-stack platform include:

  • Integrated communication with legacy systems
  • High throughput – thousands of events per second and sub-second confirmation times
  • User-level access controls
  • Deterministic smart contracts

 

Source:AlphaPoint
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