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Scotiabank trials AlphaPoint blockchain tech for trade reports

02 March 2017  |  13966 views  |  0 Scotia bank reception

Canada's Scotiabank has spent the last few months testing a distributed ledger platform from tech firm AlphaPoint.

The proof-of-technology trial was designed to help Scotiabank evaluate how distributed ledger technology can be used internally across a range of use cases.

For example, trade reports were submitted to a deployment of the AlphaPoint Distributed Ledger Platform, which ran simultaneously on the firm's own hardware and Microsoft’s Azure cloud.

In real-time, the blockchain network converted FIXML messages to smart contracts and created an immutable “single truth” across the entire network, says the vendor.

While describing the trial as successful and calling the Scotiabank partnership an "amazing experience", AlphaPoint CEO Joe Ventura has not given any details of next steps with the bank.

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