AlphaPoint Announces Completion of Blockchain Trial with Scotiabank
Multi-month engagement highlights efficiencies of Distributed Ledger systems
Today, we are happy to announce the completion of a successful proof of technology leveraging the AlphaPoint Distributed Ledger Platform with Scotiabank (BNS), one of the largest banks in North America, with nearly $1 trillion in assets under management.
The AlphaPoint Distributed Ledger Platform (ADLP) 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. 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
“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.”
The full press release is available here.
