Fund distribution platform Allfunds has collaborated with Ethereum software firm ConsenSys to streamline the fund distribution value chain.
In partnership with Allfunds Blockchain, Allfunds’ blockchain technology unit, ConsenSys aims to revolutionise fund distribution by lowering processing and settlement times significantly.
ConsenSys Quorum product lead Madeline Murray said: “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.”
The latest partnership will bring together Allfunds’ Technical Solutions and ConsenSys Quorum to power the Allfunds Funds Industry Platform.
Allfunds Blockchain includes two solutions – Technical Solution and Business Solution.
Technical Solution comprises Allfunds Privacy Plugin that adds capabilities on top of ConsenSys Quorum, addressing key data governance concerns in blockchain ecosystems.
Business Solution includes Allfunds Business Smart Contracts that facilitate fund distribution activities on the Allfunds Industry Platform.
The two firms aim to support the Allfunds Blockchain Technical Solution in combination with ConsenSys Quorum.
The solution offers advanced privacy features, allowing a blockchain network’s participants to control who will be able to view the data.
Allfunds Blockchain managing director Ruben Nieto said: “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.”
Last December, Union Bank of the Philippines partnered with Standard Chartered to complete a proof of concept for retail bonds leveraging blockchain.