Security and reliability for fintech applications

The banking sector is currently investing in blockchain and distributed ledgers technologies (DLTs) with the view of:

  • reducing cost, time and complexity of the payment, clearing and settlement infrastructures;
  • gaining competitiveness also through the adoption of new business models;
  • secure data and transfer of digital assets.

Despite efforts to implement DLTs in the industry, the effective adoption of blockchain-based solutions is still slow at global level, mostly due to the difficulty in reconciling innovation and decentralization with security, confidentiality of data and law compliance. To overcome these hurdles, TrustedChain® leverages the highest technical standards required by the law for its node, providing the financial and banking sector with a trustworthy and reliable eco-system for blockchain applications.

Trust-by-Design: a full trust eco-system for sensitive services

Blockchain transactions based on open platforms, free market rules and spontaneous participation of online communities (e.g. Bitcoin or Ethereum) can be particularly appealing for individuals, but they can be seen with great concern and mistrust in sensitive sectors such as public administration and banks – which require high technical performance, stability and confidentiality to operate safely.

For their technical capability, along with their unique position on the market of digital services, the Trust Service Providers are able to offer a platform entirely based on the principle of trust-by-design: TrustedChain® provides blockchain solutions with the highest standards of security, scalability, reliability, privacy, regulatory compliance and continuity of service. This allows for overcoming some typical risks inherent to both public and private blockchains, related for instance to security issues, discontinuity of investments, token speculation, and other unpredictable market dynamics.

Sharing data between untrusted players or competitors.

TrustedChain® and its applications are designed to meet different market needs, through different consensus and verification systems, as well as through different levels of control, security, visibility and permissions. The algorithmic protocols allow unknown or untrusted participants to share sensitive data and gain significant benefits, without compromising the requisite confidentiality. This can open up new business opportunities for participants involved based on cooperation, also bringing massive savings on information security.

Smart contracts and AI applications.

TrustedChain® is designed to fully seize the opportunities offered by smart contracts and artificial intelligence. Smart contracts automatically enforce the execution of an agreement, reducing transaction time, costs and risks, while AI applications can improve the overall quality and efficiency of monitoring systems and estimates. AI applications are already being used by banks, however the integration with a blockchain eco-system can bring even more significant advantages. AI models, for instance, can become much more accurate and efficient if they can access the data of several banks within the same system, instead of only one. In turn, a more accurate AI response can lead to greater savings and reduction of operational time (e.g.: banks may detect frauds or identify unworthy borrowers more quickly). In this case too, sharing data generates positive externalities for all the stakeholders involved.

This post is also available in: Italian