Digital Asset Holding, a developer of the Blockchain Platform backed by some of the world’s leading banks, announced on Wednesday that they have come
Digital Asset Holding, a developer of the Blockchain Platform backed by some of the world’s leading banks, announced on Wednesday that they have come up with a great platform that allows blockchain technology users trade without having to give their confidential information of their trades. According to a report issued by the company, the new platform offers a solution to the confidentiality issues that has held back the adoption of the Nascent Technology in the financial market.
Digital Asset was founded in 2014, and since then, it has grown to be one of the most popular startups in the blockchain industry. Lately, it has won various lucrative tenders from different institutions such as JPMorgan, Goldman Sachs, Deutsche Borse, CME Group and Citigroup, where they made more than $60 million.
Digital Assets Platform offers unique privacy solution through the division of ledger transactions into two parts. According to the report, one part involves confidentially storing transactions data by the user, while another part is shared by all participants the need for the confidential data. The Blockchain Platform allows shared records of transactions and asset ownership maintained through a network of computers on the internet. Every user on the internet is able to access the details of every transaction he makes.
The idea in the new platform will be incorporated into the technology that the Digital Asset is developing for various financial institutions such as Australian stock exchange ASX and the Depository Trust and Clearing Corporation of the United States. The technological company, earlier this year, won a contract to replace ASXs clearing and settlement systems within its blockchain based software that will be ready by the end of 2017. According to the Digital Asset’s chief marketing officer, the decision to adopt the system would make later after consultation with different stakeholders.
Although technology around the blockchain platform had exploded in the financial market earlier, the technology is still being enhanced to be able to be used in more complex financial processes such as in clearing and settlement of equities markets. Studies by Greenwich Associates reveal that transaction confidentiality is a top security concern for most blockchain users, with most users reporting that the security is their main concern among the blockchain users.
Apart from bringing solution of privacy issues, the technological firm has improved on how it interface with existing financial protocols, which mean that it can be incorporated in any financial market without the necessity of the various incorporated hardware to be running in the Blockchain-based system.