The increasing use of enterprise blockchain solutions across a wide range of industry sectors shows how essential this technology is becoming for mainstream types of transactions.
SETL, an enterprise blockchain firm working specifically in the digital finance industry, announced that it is moving to open-sourced core blockchain solutions, including the interoperability solution PORTL. This is an important consideration for many financial institutes, including Citibank.
Citibank is an investor in SETL, which also boasts clients such as Marketnode and Temask, and the central depository ID2S. Citibank will use SETL enterprise blockchain solutions in their Securities Services.
One of the challenges with financial institutions using enterprise blockchain solutions is the concern with these entities of proprietary code by the blockchain developer. The concern is often expressed that the bank or financial institute is making significant changes as to their ability to record transactions and run their ledger, all without having access or the ability to actually see and verify the code.
To address this, companies in this area have offered options to satisfy this concern. This includes the ability to have deeper or more granular access on the enterprise blockchain than on open-source blockchain. At the same time, banks can also store data through extra databases, allowing more of a single console access and monitoring of all blockchains and tokens to work across various ledgers.
This makes it easier for banks to compare different blockchains and to see events in real-time, compared against others and across ledgers.
Trust the Blockchain Asset Review to provide information on the latest developments in enterprise blockchain solutions.