Brave New Coin (BNC), a Data and Research company headquartered in Queenstown, New Zealand has recently cut a deal with Melbourne-based Smartbit to develop the first provable Blockchain indexes for financial markets, starting with the BNC Bitcoin Liquid Index (BNC-BLX).
The ability to offer ‘provable market data’ has previously been impossible or extremely difficult. This partnership will be the first to engage in a process called ‘Market-Chaining’ where financial data such as market indexes, quotes and trades will be secured onto the Blockchain, providing immutable receipts.
“Imagine putting the S&P 500 on the blockchain. Any service, person or machine using this Index to settle against, all of a sudden has a trustless 3rd party to verify that official published rates were in fact used,” said Fran Strajnar, CEO of BNC.
The first data feed to be offered in this format will be BNC’s Bitcoin Liquid Index (the BNC-BLX), a comprehensive historic & live bitcoin index purpose built for settlement of bitcoin derivatives. As financial services operators use blockchain technology for exciting new solutions like ‘proof of reserves’, there is also a growing demand for ‘proof of settlement’, which is one of the verification and auditing implications of Market-Chaining.
“This partnership has re-enforced BNC’s position in the industry and strengthened the company’s service offering making it stronger and more in-depth. BNC will be expanding the range of solutions and developer tools that we are planning to bring to the market,” according to Stajnar. “This first project is the beginning of a larger project, bringing financial and blockchain data together, in an accurate and transparent way.”
“We can secure any market data feed on the Blockchain in a way that does not threaten proprietary intellectual property, break existing revenue models or open up market participants to market manipulation. People trust mathematics a lot more than they trust people,” says Strajnar.
The process of Market-Chaining has several benefits such as when an asset is registered by an index provider on the blockchain, (and depending on the configuration) either anybody or permissioned parties can verify whether third parties are acting legitimately when they are brokering, selling or facilitating financial products against an index. This has vast implications for auditing trade and settlement, such as offering a verification layer between them by tying together index feeds for broker quotes, trade, and settlement systems.
According to BNC, the largest benefit to institutions is the ability to shed the need for customer trust completely and to automate auditing right through the trade value chain. For the first time a mathematical protocol assumes the role of central information authority and therefore both the customer and the institution can be on an equal footing. This should give customers a huge boost of confidence in all participating companies.
Market-Chaining for indexes is ready to be applied now for exchanges and brokers, with trade and quote solutions becoming available in the new year. Both BNC and Smart Bit expect a rapid roll-out time for this line of services with provable indexes coming online from several financial institutions very early into 2016.
Brave New Coin is a fast growing Blockchain Company founded in 2013. They are a privately held data and research organization focused on the exponential Blockchain and Digital Equities industry. The company offers Market Data, Research & Solutions for the financial services sector to get the best out of Blockchain technology and they are currently raising capital for rapid expansion.
For details, see their pitch page here.
- Disrupt the VC Industry? Brock Pierce and Blockchain Capital to Launch Own Cryptocurrency and ICO - February 26, 2017
- SoftBank, Sprint and TBCASoft Partner in Blockchain Technology for Telecom Carriers - February 25, 2017
- Lisk Introduces New Blockchain Technology Update - February 25, 2017
- Dash Partners with BlockPay to Enable Point of Sale Purchases at Brick and Mortar Stores - February 25, 2017
- Blockchain Interaction Unit (BIU) – No Internet, No Mobile Phone, No Computer. No Problem. - February 25, 2017
- Blockchain Banking Consortium R3 Gets Into Semantic Tornado Over Blockchain – Bitcoiners Jeer from Sidelines - February 25, 2017
- IOHK and University of Edinburgh Establish Blockchain Technology Laboratory - February 24, 2017
- Liberland to Launch Online Startup Contest to Kick Off Smart Nation - February 23, 2017
- Blockchain Intelligence Group Launches QLUE Version Codename Deep Cove - February 23, 2017
- Lykke Crowdfunding – One -year Lykke Forward Offering - February 22, 2017
- Daimler AG Joins Hyperledger Blockchain Consortium as Premier Member - February 21, 2017
- Voatz and Clear Ballot to Explore Blockchain Technology for Remote Voting - February 20, 2017
- New Blockchain Smart Contract Token Developed By GameCredits - February 20, 2017
- Blockchain Could Be a New Operating System for the Planet Says Jeremy Wilson, Vice Chairman of Barclays Corporate Banking - February 20, 2017
- JAAK and the Guardian Initiative Announce MΞTA: A Blockchain Pilot for The Media & Entertainment Industry - February 18, 2017
- The StabL Project – Hadrien Charlanes Plans Stable Tokens and Derivative Products For Ethereum Blockchain - February 17, 2017
- Blockchain Energy Trading Trials Kickoff with Canada’s BTL Group and Austria’s Wien Energie - February 16, 2017
- Smart Dubai Office (SDO) and 1776 Launch Blockchain Challenge - February 16, 2017
- BOScoin, a New Cryptocurrency, Introduces “Trust Contracts” to Overcome the Shortcomings of Ethereum Smart Contracts - February 16, 2017
- European Commission Working on Blockchain – Plans Actively Seeking Pilot Partners - February 16, 2017
- Canadian Blockchain Company SecureKey Awarded U.S. Department of Homeland Security Grant - February 16, 2017
- Microsoft and KPMG Cut Deal and Kickoff Blockchain Nodes in Frankfurt and Singapore - February 16, 2017
- Global Blockchain Project FERMAT Announces Significant Alpha Release for the “Internet of People” - February 16, 2017
- Russian Blockchain Startup Exscudo Aims to Bridge Traditional Finances And The Cryptocurrency Market - February 15, 2017
- Active Year Ahead for Blockchain Solutions in Financial Services, says Corporate Insight - February 14, 2017
- BlockApps and Red Hat Cut Deal to Deliver Hybrid Cloud Solution for Blockchain Applications in the Enterprise - February 14, 2017
- Hyperledger Blockchain Turns One – Director Brian Behlendorf Updates - February 14, 2017
- The State Bank of India Initiates National Blockchain Bank Consortium - February 14, 2017
- The National Bank of Abu Dhabi (NBAD) Introduces Real-Time Cross-Border Blockchain Payments - February 14, 2017
- China Turning Hard to Blockchain – Focus on Fraud Reduction - February 13, 2017
- U.S. Department of Health and Human Services to Kick Off Blockchain in Heathcare Code-A-Thon - February 13, 2017
- Hexayurt Capital presents the Internet of Agreements at the World Government Summit - February 13, 2017
- EquiChain – Blockchain for Emerging Markets Post-Trade - February 13, 2017
- UK Government Approves Tramonex Labs to Issue Currency on Blockchain - February 12, 2017
- US Congress Buckles Down With Blockchain – Launch Congressional Blockchain Caucus - February 11, 2017
- Nick Szabo: Some Private Blockchains Qualify as Bona Fide Blockchains - February 10, 2017
- Bitfury Group and Government of Georgia Expand Blockchain Land Titling Project - February 10, 2017
- Expanse Project Announces Launch of the Expanse Bond System (EBS) - February 10, 2017
- WISeKey to Establish IoT Blockchain Center of Excellence in New York - February 10, 2017
- Blockchain Startup Coinfirm Gets $700k Growth Equity Via VC Funding - February 10, 2017
- Blockchain Health Startup Hashed Health Raises Nearly $2 Million in Initial Funding Round - February 10, 2017
- IBM Kicks Off Blockchain Initiative with Dubai Government - February 10, 2017
- Blockchain Pioneer Medici Ventures Invests in Factom, Inc. - February 7, 2017
- Canadian Blockchain Startup Equibit Raises Quarter Million Dollars in Day One of Initial Coin Offering (ICO) - February 5, 2017
- Blockchain-Fuelled Grantcoin Foundation Distributes Universal Basic Income (UBI) Grants To 1,132 People In 79 Countries - February 5, 2017
- Blockchain Startup Chronobank partners with NEM to create ChronoNEM wallet - February 3, 2017
- dotBlockchain Music Project Announces Partners - February 2, 2017
- Switzerland Promises to Ease Rules for Fintech and Blockchain Startups - February 2, 2017
- Netherlands’ ING Bank Completes 27 Blockchain POCs - February 2, 2017
- South African Blockchain-Based AR Game nears $1 Million in ICO Funding Goal - February 2, 2017