Another day, another blockchain development — only this time, the market is getting an actual tool, not just a concept.
White label technology firm AlphaPoint, which focuses on digital currency exchange, is rolling out a new blockchain solution for banks, and the potential applications of the tool are numerous.
[bctt tweet=”AlphaPoint is rolling out a new blockchain solution for banks.”]
Deemed StreamCore, the new solution allows banks to manage and interact with blockchain data and use that information to roll out new financial services. In the announcement of StreamCore issued Monday (Oct. 26), AlphaPoint Founder and CEO Joe Ventura outlined why banks are so attracted to blockchain technology.
"The blockchain represents a fundamental step forward in both security and efficiency,” he said. “More and more banks are recognizing the promise of the technology and becoming strategic partners. StreamCore provides these firms a secure, dynamic platform to engage this technology as they incorporate it into their long-term visions."
According to AlphaPoint, the platform allows banks to search through data on the blockchain like they do in a traditional database, while they can also impose custom security rules to control who can access the data.
AlphaPoint highlighted the recent excitement expressed among major financial institutions for blockchain technology, citing the $462 million in venture capital that has flowed into blockchain startups in 2015 so far.
The company also pointed to the potential for the blockchain to make transacting easier and safer, noting that StreamCore takes advantage of these benefits and still provides banks with complete control of their data, while acting “as a general purpose platform for deploying blockchain-enabled financial applications,” the firm said.