BRINGING SMART CONTRACTS AND DISTRIBUTED LEDGER TECHNOLOGY TO YOUR BUSINESS
Draw on our in-depth knowledge and hands on experience to gain the benefits of DLT. We can advise on how blockchain applications and smart contracts best fit your business requirements and help evolve your DLT strategy.
Solutions & expertise
We design and build end-to- end smart contracts that run on private / consortium blockchains. We build apps, Proof of Concepts and Experiments for our clients. Our lab works to a performance driven framework and can efficiently build architecture for each clients’ specifications.
Supported Development Framework
We have a licensed framework for building and bootstrapping your own blockchain applications rapidly and efficiently. We offer training to get you up to speed and ongoing support.
We have been selected by British Bankers' Association to present blockchain technology
While new technology is exploding across financial services, none have received more attention than blockchain, the software underpinning bitcoin. Blockchain’s complex cryptography and distributed ledgers regulate, record, and enable transactions using bitcoin.
For banks, blockchain offers the opportunity to potentially slash costs by removing the need for middlemen, eliminating a lot of manual processing, and speeding up transactions. As a result, more than 42 top financial institutions have formed a joint working group to focus on developing commercial applications for blockchain in the global financial services industry.
- So what exactly is blockchain and how does it work?
- Why is blockchain causing such a stir in banking?
- How could your firm leverage blockchain?
View the article and register via bba.org.uk
Applied Blockchain featured in UniCredit blockchain technology report
Financial institutions can create permissioned blockchain platforms.
In this context, banks will be both participants and validators in the network. Banks can either use these platforms to interact in a decentralized way, or they can oﬀer their customers access as a service. Furthermore, banks can oﬀer blockchain services to access external platforms.
In recent years, several ﬁntech startups developed blockchain-based systems and services, but their complexity and lack of customer conﬁdence often prevented a wide adoption. For such reasons, banks can act as blockchain services gateways developed in the ﬁntech world, integrating them in existing systems.
A concrete example is blockchain invoice management service Tallystick developed by Applied Blockchain. Their service oﬀers companies a simpliﬁed invoice management processing, but requires integration with existing ﬁnancial systems. In this context, banks can introduce their customers to the network, acting as gateways and facilitators.
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Pomerol Partners and Applied Blockchain join forces to deliver BI for private blockchain smart contract applications
Pomerol Partners and Applied Blockchain are proud to announce the official partnership in delivering integrated BI & Blockchain solutions. This partnership follows on from a joint collaboration for a tier 1 US investment bank, scheduled for a mid-March conclusion.
Blockchain technology opens up the opportunity for participants to drive significant change, efficiencies, data provenance and the ultimate in compliance.
This is driving increasing interest especially within Financial Services for Smart Contracts and is very much part of the Fintech boom. The simple fact is that Blockchain allows you to keep ALL the relevant information about specific agreements and/or transactions in the single chain.
View the full article on pomerol-partners.com
Blockchain Predictions for 2016
Wishing you a happy, healthy and successful 2016!
1. The hype won't last. This time next year, not everyone will be talking about Blockchain. The hype will not last. Blockchain is at the peak of a tech hype cycle. As with any hype cycle, this will not last forever. In fact, by the end of 2016 it’s unlikely to be centre stage. I do however believe that over time, some aspects of Blockchain technology will enable meaningful changes in a number of verticals including financial services.
2. Reality will hard for today’s blockchain players. There is a lot of experimentation and learning taking place, and proof of concepts are being created. However, the transition to production grade, real world applications is going to be a long hard slog. The networked nature of Blockchain solutions means that it’s not just a case of installing Blockchain technology within one organisation, but rather getting many organisations to adopt, and integrate their existing systems with the technology - not to mention the business process and organisational changes. This will be no easy challenge and will take years to implement.
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Case Study: Invoice Reconciliation
Tallysticks founder Kush Patel approached us a few months ago with a project to build a blockchain invoice reconciliation network.
Most companies use suppliers who provide a product or service and issue an invoice for payment. Invoices are usually in the form of paper or PDF. Armies of accounts personnel are often employed to pay, track and reconcile invoices in order to paint an accurate picture of a company’s financial position and exposure.
Invoice reconciliation is a classic cross-organisation workflow that’s broken.
If invoices and payments were tracked on a shared private blockchain, invoices could be automatically reconciled and their payments tracked.
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The Blockchain as a database
Much has been written about the merits of private blockchains, including articles by Richard Brown of IBM, as well as the founders of Eris.
A private blockchain involves a separate, essentially closed network, of blockchain participants (also known as nodes). Each participant has their own copy of the blockchain, essentially a ledger, with a locked down history of all of the transactions that took place in the network.
The advantage that the blockchain offers over traditional databases is that the history of transactions (essentially a transaction log) is shared between participants, and locked down using cryptographic layers. This is immutable data storage.
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What is a blockchain?
Blockchain is the core technology behind bitcoin. At its heart is a distributed data store. Anyone who participates in the blockchain network has their own data store that stores all of the transactions that ever happened on the network (this is also known as the distributed ledger).
Entries are stored within a cryptographic chain of blocks. At every stage, the network of participants must agree about the latest block of transactions. Agreement is reached through a process of majority consensus, eliminating duplicate entries, double spending etc. This process and the cryptographic layering of the blocks makes the agreed blockchain irreversible and immutable. The 'history' of events within the blockchain cannot be modified by any one of the participants without majority consensus from the group.
What is a private blockchain?
Private blockchains are deployed either within an organisation, or shared between a known group of participants. Private blockchains can be limited to a predefined set of participants. In this case, no one else can access the blockchain or the data residing in the blockchain. These blockchains can be secured in a similar way to securing other integrated enterprise applications (e.g. firewalls, VPN etc).
What is a Smart Contract?
A Smart Contract is code that is deployed to the blockchain. Each smart contract contains code that can have a predefined set of inputs. Smart contracts can also store data. Following the distributed model of the blockchain, smart contracts run on every node in the blockchain, and each contract's data is stored in every node. This data can be queried at any time. Smart Contracts can also call other smart contracts, enforce permissions, run workflow logic, perform calculations etc. Smart contract code is executed within a blockchain transaction - so the data stored as a result of running the smart contract (i.e. the state) is part of the blockchain's immutable ledger.
What is a private blockchain app?
A private blockchain app is a combination of one or more Smart Contracts, and some client code to call and present the application interface to a user. We're developing apps using node.js, and these can be presented as web applications that run in any browser.
What about mining?
Mining is used a proof of work for participants in the blockchain. Whenever a block of transactions is to be agreed, every participating node attempts to 'mine' the block (a mathematical algorithmic process that requires extensive CPU capacity). In public blockchains successful mining is rewarded with a cryptocurrency token.
Is Mining Relevant to Private Blockchains?
Mining, and the resulting cryptocurrency tokens may not be required in private blockchains, where the parties are already trusted (in the sense that you know who they are - we still might not trust them when it comes to attempting to modify the transaction history). Mining would simply use up costly CPU resource for no gain. Blocks could still be created and agreed by consensus without the CPU overhead of processing artificially difficult algorithms created to prevent a 51% attack.
What about cryptocurrency?
We're not interested in cryptocurrency. Our solutions involve private blockchains that are not connected to cryptocurrency blockchains (Bitcoin, Ethereum).
How is this related to Ethereum?
Ethereum is a group of incredibly smart individuals who have developed the next generation of blockchain and cryptocurrency. The Ethereum project involves a large single network (much like Bitcoin), and runs on a cryptocurrency that can be mined (Ether). We are looking at deploying private networks of the Ethereum blockchain (or similar) within organisations, or across small predetermined groups of organisations.