{"id":24268,"date":"2017-03-02T00:29:06","date_gmt":"2017-03-02T00:29:06","guid":{"rendered":"http:\/\/ci027cfe6470102697"},"modified":"2017-03-02T00:29:06","modified_gmt":"2017-03-02T00:29:06","slug":"alphapoint-completes-blockchain-trial-scotiabank","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/alphapoint-completes-blockchain-trial-scotiabank","title":{"rendered":"AlphaPoint Completes Blockchain Trial With Scotiabank"},"content":{"rendered":"
<\/div>
<\/figure>\n

AlphaPoint<\/a>, a fintech company specializing in blockchain technology, has completed a successful proof of technology with Scotiabank<\/a>, an international bank headquartered in Toronto, Canada. Through the trial, Scotiabank sought to explore and evaluate how the AlphaPoint Distributed Ledger Platform could be leveraged internally across a range of use cases.<\/p>\n

When asked if AlphaPoint and Scotiabank were planning to further develop this project, Igor Telyatnikov, president and COO of AlphaPoint, told Bitcoin Magazine<\/em> that he could not comment specifically on the next steps in the Scotiabank\u2013AlphaPoint collaboration. He did however indicate that AlphaPoint is planning to reveal some additional news in the near future.<\/p>\n

\u201cWe have two other major announcements that will be announced in the coming month, including a production launch with a systemically important financial institution,\u201d said Telyatnikov. \u201c2017 is shaping up to be an incredible year for the distributed ledger technology industry as a whole and for AlphaPoint as well.\u201d<\/p>\n

As part of the multi-month project, trade reports were submitted upon deployment of the AlphaPoint Distributed Ledger Platform, which ran simultaneously on Microsoft\u2019s Azure<\/a> cloud and AlphaPoint hardware.<\/p>\n

In real-time, the blockchain network converted FIXML messages to smart contracts and created an immutable \u201csingle truth\u201d across the entire network.<\/p>\n

The Financial Information eXchange (FIX) is an industry protocol used for communicating securities information in specific electronic messages. This includes information such as getting quotes, market data and trade orders.<\/p>\n

With trillions of dollars traded annually on the Nasdaq alone, financial services entities are investing heavily in optimizing electronic trading to increase their speed in financial markets and reduce costs. Blockchain technology could help them save $8\u201312 billion per annum, including savings of up to 70 percent in reporting, 50 percent in post-trade and 50 percent in compliance, according<\/a> to a study by Accenture and McLagan.<\/p>\n

\u201cDistributed ledger technology enables institutions to rethink how data flows within their organizations,\u201d Joe Ventura, founder and CEO of AlphaPoint, said in a statement. <\/p>\n

\u201cPartnering with Scotiabank is an amazing experience \u2014 their team is leading the charge by proving out pragmatic, near-term implementations of this revolutionary technology.\u201d<\/p>\n

The AlphaPoint Distributed Ledger Platform allows firms to digitalize financial instruments on their proprietary distributed ledgers. It rapidly creates trading venues for those assets and allows companies to manage pre-trade and post-trade workflows jointly with existing systems.<\/p>\n

The full-stack platform includes a number of features, such as integrated communication with legacy systems, high throughput, user-level access controls and deterministic smart contracts.<\/p>\n

Scotiabank\u2019s partnership with AlphaPoint to trial distributed ledger technology is part of the bank\u2019s broader desire to position itself ahead of rivals in fintech development. <\/p>\n

In January, it opened a 70,000 square foot Digital Factory<\/a> in downtown Toronto to develop technology such as artificial intelligence and blockchain.<\/p>\n

The new facility is just one of a network of Digital Factories including sites in Mexico, Peru, Chile and Colombia serving as incubators for new products and services for the Canadian bank\u2019s 23 million customers around the world.<\/p>\n

During the grand opening of the facility on January 26, Scotiabank demonstrated<\/a> a new payment system that combines blockchain technology with biometric scanning. A quick hand swipe through a scanner allows employees in the Toronto Digital Factory to pay for food and beverages in the cafeteria.<\/p>\n

Shawn Rose, Scotiabank\u2019s executive vice president of digital banking, told<\/a> Reuters that the bank is in the process of filing a patent for that particular technology.<\/p>\n","protected":false},"excerpt":{"rendered":"

AlphaPoint, a fintech company specializing in blockchain technology, has completed a successful proof of technology with Scotiabank, an international bank headquartered in Toronto, Canada. Through the trial, Scotiabank sought to explore and evaluate how the AlphaPoint Distributed Ledger Platform could be leveraged internally across a range of use cases. When asked if AlphaPoint and Scotiabank […]<\/p>\n","protected":false},"author":3452,"featured_media":24269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[2499],"class_list":{"0":"post-24268","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-alphapoint"},"author_data":{"id":3452,"name":"Diana Ngo","nicename":"diana-ngo","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/1f0d641833814c142e0f5bbd3678299eda24a8f4d3366974b07adc24a277b0c0?s=96&d=robohash&r=g"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/alphapoint-completes-blockchain-trial-with-scotiabank.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/24268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3452"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=24268"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/24268\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/24269"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=24268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=24268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=24268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}