Allfunds Blockchain, the revolutionary blockchain technology arm of Allfunds, and ConsenSys, the leading Ethereum software company, have signed a partnership agreement to further support the streamlining of the fund distribution value chain, and other regulated industries.
Historically, traditional fund transfer between financial entities, intermediaries and third party payment systems has been considered to be a complex process. Blockchain technology can revolutionise fund distribution by dramatically reducing processing and settlement times, while providing a secure system for multiple parties with no single point of failure.
Read More: Antier Solutions launches White Label Crypto Margin Trading & Derivatives Exchange Platforms
Streamlining secure global funds distribution with blockchain
In 2020, Allfunds launched its blockchain-based technology platform, through a new entity, Allfunds Blockchain. With the launch of this new business arm, Allfunds brought to the market innovative blockchain technology that aims to radically streamline the global fund distribution industry by enabling instant, reliable, secure communication among industry actors.
Leading companies both inside and outside the financial industry have shown interest in using Allfunds’ technology for different initiatives. Allfunds Blockchain’s unique privacy and anonymity capabilities plus ConsenSys’ experience and expertise, will contribute strongly to the continued development of the Enterprise Ethereum ecosystem.
Read More: GlobalFintechSeries Interview with Konstantin Richter, CEO & Founder of Blockdaemon
Ruben Nieto, Managing Director at 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, stated: “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.”
Read More: Evaluating The Future of B2B Payments
