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Wednesday, May 12, 2021
Home News Canada's Scotiabank and AlphaPoint Announce Successful Blockchain Trial

Canada’s Scotiabank and AlphaPoint Announce Successful Blockchain Trial

AlphaPoint, a financial services infrastructure firm specializing in blockchain technology, announces today that it has completed a successful proof of technology leveraging the AlphaPoint Distributed Ledger Platform (ADLP) with Scotiabank (NYSE: BNS), a leading international bank headquartered in Toronto.

“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 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 – $12 billion 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
Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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