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Symbiont to Help Delaware Embrace the Blockchain

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Guess which state is looking to pioneer the adoption of blockchain technology – and enlisting FinDEVr alum Symbiont to help them do it?

The state of Delaware, home of U.S. vice president Joe Biden and, more importantly, legal home of more than 60% of Fortune 500 companies, is looking at ways to make it easier for businesses and the state government to leverage the blockchain for more efficient operations.  The Delaware Block Initiative, was announced in April, and was the part of the keynote presentation at the Consensus 2016 conference in New York earlier this month.

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Pictured: Adam Krellenstein, Symbiont CTO and Co-Founder, during his presentation “Distributed Ledgers and Smart Contracts” at FinDEVr New York 2016.

Speaking at the conference, Delaware governor Jack Markell outlined the various aspects of the program and the central role that the smart contract technology of Symbiont will play. “Smart contracts offer a powerful and innovative way to streamline cumbersome back-office procedures, lower transactional costs for consumers and businesses, and manage and reduce risk,” Governor Markell explained.

As part of the Delaware Blockchain Initiative, Governor Markell highlighted a number of key steps including a legal and regulatory review to clarify the licensing of blockchain companies and to develop “the appropriate legal infrastructure” for distributed ledger shares. As part of the initiative, state government will also begin adopting blockchain technology, starting with the Delaware Public Archives which will “archive, catalog, and cryptographically secure” government archives using blockchain technology. Symbiont CEO Mark Smith called this an “important use case” for smart contract technology, adding that “in a few years’ time, we’ll look back and see this as an historic moment in the adoption of distributed ledger technology.”

Also participating in the initiative is New York law firm Pillsbury Winthrop Shaw Pittman.

A specialist in leveraging blockchain technology to build financial instruments, Symbiont’s smart contract platform and Smart Securities were first deployed in facilitating issuance, trading, and processing of corporate bonds, syndicated loans, and other “less liquid” financial assets. Symbiont was the first company to put smart contracts into production when it issued its own shares on the Bitcoin blockchain in August 2015.  The company announced a partnership with digital security specialist Gemalto at the beginning of the year. And the company and its partnership with Ipreo was featured in The Economist as part of a discussion on the blockchain this spring.

Symbiont made its FinDEVr debut at our spring developer’s conference in New York. For more information about our upcoming developer’s conference in Silicon Valley, October 18 & 19th, visit our FinDEVr Silicon Valley 2016 page.