Allfunds Blockchain has announced that it signed a partnership agreement with ConsenSys to work on streamlining the fund distribution value chain.
Hitherto, transfer of funds in the traditional finance world has been regarded as a fairly complicated process. However, with the advent of Blockchain, today’s technology can drastically reduce processing and settlement times, while at the same time providing a secure platform for all parties.
Allfunds Blockchain is the technology arm of Allfunds, and with its launch in 2020, it is now able to provide quick, reliable, and secure communication for clients in the finance industry.
By working with ConsenSys, the Ethereum blockchain solutions provider, Allfunds will advance its Funds Industry Platform that will provide the following two solutions:
Technical Solution: Allfunds Privacy Plugin that adds unique capabilities on top of ConsenSys Quorum, solving major concerns about data governance in blockchain ecosystems.
Business Solution: Allfunds Business Smart Contracts that enable fund distribution activities on the Allfunds Industry Platform, unlocking new capabilities through blockchain technology.
Both companies are currently working together on advanced privacy features that control which data is seen by whom. This will be particularly useful in a funds industry which is highly regulated.
Ruben Nieto, Managing Director for Allfunds Blockchain said:
“We are thrilled to be partnering with ConsenSys to bring this revolutionary blockchain solution to the wider market. Through the expertise of ConsenSys, Allfunds Blockchain clients will benefit from a truly unique blockchain product. We selected ConsenSys Quorum to be our enterprise blockchain protocol because of its significant adoption in enterprise blockchain and the ongoing development and support ConsenSys provides. This is another important step forward in the evolution of Allfunds Blockchain technology.”
Madeline Murray, Product Lead at ConsenSys Quorum remarked:
"We are seeing growing global interest in ConsenSys Quorum, the open-source Enterprise Ethereum protocol built to simplify the use of enterprise blockchain. This partnership with Allfunds will further facilitate global blockchain adoption for the funds industry and enrich the ecosystem with technical innovations suitable for advanced privacy use cases."
The Allfund Blockchain privacy features along with the experts from ConsenSys could make this a match from heaven and advance the use of enterprise blockchain in the finance industry.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.