Trading digital assets
A financial organization wanted a new platform for trading assets. Reliable information on all current and past transactions, and access for financial authorities, was paramount.
Blockchain was the obvious technology to deploy for this client, since it was originally developed to make information reliable and keep track of past changes. Providing external access required making sure that information security for our client would not be compromised.
What we did
Delivering reliable finance information
Blockchain was developed from the start with the aim to record data in the most reliable way possible. Falsifying data is nearly impossible because of the way it works.It’s based on decentralized consensus, so there’s no central point where one can corrupt data.
Blockchain is secure by design, which makes it perfect for the demands of practically every financial organization. Therefore, deciding which technology we would deploy for this client took no time at all.
Financial transactions are a 24/7 business where timing is everything. In addition to continually expanding transaction histories, there’s always a queue of current buying and selling orders. We managed to combine the two in blockchain, thus guaranteeing that no essential data, either from the past or from the immediate future, are ever lost.
Private blockchain for faster handling of transactions
Many of the financial transactions on the platform need to take place as quickly as possible. That’s why we decided to base it on a private blockchain, which is exclusive for this particular user. This shortens the time it takes to verify the accuracy and reliability of the information. Since time is money, especially in the world of financial trading, it’s basically win-win to use this type of blockchain.
Accessibility and safety
Another very important client demand was accessibility for the financial authorities. This means giving the authorities a way to access and verify the data, while maintaining information security for our client. This involves more than simply adding another user, since the role of the financial authorities is different from the role of an employee or a business user.
In case you’re wondering about the name of this client: we cannot reveal that information. In fact, the same goes for for most of the projects we work on for our clients. It’s the nature of the beast. That’s why our clients in general don’t even need to ask for our discretion. We always presume discretion is preferred, unless this is specifically stated otherwise.
It won’t come as a surprise, the client is happy with the result. And we are quite proud of our elegant application of blockchain technology. Possibly the platform itself will become available as a white label product. And in the course of time, we will definitely expand its functionality.
Giving authorities access while maintaining data security for our client