Financial services blockchain technology provider AlphaPoint has completed a successful proof of technology leveraging its Distributed Ledger Platform with international bank Scotiabank.
AlphaPoint’s platform allows firms to digitize financial instruments on its proprietary distributed ledger, create trading venues for blockchain assets and manage workflows with existing systems.
In a release, the companies cited a study from Accenture and McLagan which estimates financial institutions can save between $8 and $12 billion each year by using blockchain technology at scale. Reporting savings can approach 70 per cent while post-trade and compliance savings can be as much as 50 per cent.
AlphaPoint said its full-stack platform’s features include integrated communication with legacy systems, throughput pace of thousands of events per second with sub-second confirmation times, user-level access controls and deterministic smart contracts.
“Distributed ledger technology enables institutions to rethink how data flows within their organizations,” stated Joe Ventura, Founder & CEO of AlphaPoint. “Partnering with Scotiabank is an amazing experience – their team is leading the charge by proving out pragmatic, near-term implementations of this revolutionary technology.”