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Blockchain technology infrastructure platform AlphaPoint has finished a successful trial with Scotiabank. The Toronto-based bank tested its internal system with a range of use cases for AlphaPoint’s Distributed Ledger Platform.
The AlphaPoint platform lets banks digitize financial instruments, creating trading venues for blockchain assets, while managing workflows integrated with the bank’s existing infrastructure. Scotiabank tested the platform for multiple months by submitting trade reports to the platform, which ran simultaneously on Microsoft’s Azure cloud and AlphaPoint hardware. The blockchain network converted FIXML messages into smart contracts in real time, establishing a single, permanent record across the network.
“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.”
Bitcoin Magazine asked Igor Telyatnikov, president and COO of AlphaPoint, if there were plans to further develop this project. Telyatnikov responded that he could not comment on next steps, but, “he did however indicate that AlphaPoint is planning to reveal some additional news in the near future.”
Founded in 2013, AlphaPoint debuted its digital currency exchange platform at FinovateEurope 2015. Earlier this year, the company appointed former Deutsche Bank director, Scott Scalf, as Vice President. In October 2016, AlphaPoint unveiled StreamCore, a new solution to help banks manage and interact with blockchain data.