Allfunds Blockchain, the blockchain technology arm of Allfunds launched in 2020, has signed a partnership with ConsenSys, leading Ethereum software company, to drive blockchain technology in the financial sector, specifically in fund distribution.
Allfunds explained in a statement that, historically, traditional fund transfer between financial entities, intermediaries and third-party payment systems has been a complex process. But, in its view, blockchain technology “can revolutionize fund distribution by dramatically reducing processing and settlement times, while providing a secure system for multiple parties with no single point of failure”.
Through this agreement, the firm will combine its Technical Solutions area with ConsenSys Quorum to power its funds industry platform. Furthermore, both companies are working together to further develop and support the Allfunds Blockchain Technical Solution in combination with ConsenSys Quorum, an open-source protocol layer for developing with Ethereum.
Allfunds revealed that the solution includes advanced privacy features that enable participants in a blockchain network to control, at a granular level, who is allowed to see information, and what nodes participate in the consensus validation of data containing confidential information.
A “truly unique” blockchain product
“We are thrilled to be partnering with ConsenSys to bring this revolutionary blockchain solution to the wider market. Through its expertise, our 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 it provides. This is another important step forward in the evolution of Allfunds Blockchain technology”, said Rubén Nieto, Managing Director at Allfunds Blockchain.
Madeline Murray, Product Lead at ConsenSys Quorum, stated that they 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”, she added.
For Funds Society, Madrid