Allfunds Blockchain, the revolutionary blockchain technology arm of Allfunds, and ConsenSys, the leading Ethereum software company, have signed a partnership agreement to further support the streamlining of the fund distribution value chain, and other regulated industries.
Historically, traditional fund transfer between financial entities, intermediaries and third party payment systems has been considered to be a complex process. Blockchain technology can revolutionise fund distribution by dramatically reducing processing and settlement times, while providing a secure system for multiple parties with no single point of failure.
Streamlining secure global funds distribution with blockchain
In 2020, Allfunds launched its blockchain-based technology platform, through a new entity, Allfunds Blockchain. With the launch of this new business arm, Allfunds brought to the market innovative blockchain technology that aims to radically streamline the global fund distribution industry by enabling instant, reliable, secure communication among industry actors.
Through this agreement ConsenSys and Allfunds Blockchain will combine Allfunds’ Technical Solutions and ConsenSys Quorum to power the Allfunds Funds Industry Platform. Allfunds Blockchain offers two independent solutions:
● Technical Solution: Allfunds Privacy Plugin that adds unique capabilities on top of ConsenSys Quorum, solving major concerns about data governance in blockchain ecosystems.
● Business Solution: Allfunds Business Smart Contracts that enable fund distribution activities on the Allfunds Industry Platform, unlocking new capabilities through blockchain technology.
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. 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.
The solution can be leveraged globally across many industry sectors, particularly the highly regulated funds industry. Blockchain systems ease regulatory compliance by providing audit trails.
Leading companies both inside and outside the financial industry have shown interest in using Allfunds’ technology for different initiatives. Allfunds Blockchain’s unique privacy and anonymity capabilities plus ConsenSys’ experience and expertise, will contribute strongly to the continued development of the Enterprise Ethereum ecosystem.
Ruben Nieto, Managing Director at Allfunds Blockchain, said: “We are thrilled to be partnering with ConsenSys to bring this revolutionary blockchain solution to the wider market. Through the expertise of ConsenSys, Allfunds Blockchain 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 ConsenSys provides. This is another important step forward in the evolution of Allfunds Blockchain technology.”
Madeline Murray, Product Lead at ConsenSys Quorum, stated: "We 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."