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. A recent study conducted by Accenture and McLagan estimates financial institutions can save $8 – $12bn per annum through 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
AlphaPoint founder & CEO Joe Ventura 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.”
