ConsenSys, Synechron and BlockApps Collaborate on Financial Services Blockchain Applications
Synechron – New York & London – Synechron, Inc, a global consulting and technology services provider specializing in the financial services market, has today announced a blockchain collaboration with ConsenSys, a global venture production studio and custom software consultancy, and BlockApps, the leading enterprise blockchain platform employing Ethereum technology. Shared clients will be the first to access next generation blockchain infrastructures and applications to solve issues like native data privacy on a private blockchain, scalability for market data applications, and critical interoperability across Ethereum and complementary technologies – which have been some of the greatest barriers to blockchain adoption in financial services.
The collaboration will deliver global financial institutions a powerful team of blockchain architects and financial services specialists to accelerate their application development initiatives. Through the collaboration, ConsenSys and BlockApps will gain access to Synechron’s 6,000-person global team of specialized financial services consultants, blockchain developers for hire, and front-end UX and CX design experts. This will allow clients to develop and rapidly scale production-ready blockchain applications.
This collaboration follows the launch of Synechron’s blockchain accelerator program, which includes its first six modular applications for trade finance, KYC utilities, payments, smart margins, mortgage finance & processing and insurance claims processing. The accelerators uniquely deliver working code that financial institutions can plug into directly in order to accelerate their blockchain development initiatives and be up and running in weeks. Synechron’s collaboration with ConsenSys and BlockApps provides an opportunity for development which could include accelerators related to total return swaps, call spreads, syndicated loans, bond issuance, tokenized securities and tokenized fiat currencies.
Additionally, ConsenSys will provide Synechron with access to its blockchain application development toolkits and Ethereum ecosystem to achieve unparalleled technical depth in development initiatives. BlockApps will offer its STRATO blockchain infrastructure product, adding further depth to Synechron’s already robust consulting and blockchain application development capabilities.
Faisal Husain, Co-Founder and CEO of Synechron said, “While blockchain has the potential to be a transformative technology, financial institutions need highly-customized applications that take into consideration their business operations and unique technical requirements. We’re delighted to be working with ConsenSys and BlockApps to collaborate with them on the next generation of blockchain infrastructure financial institutions will need to progress blockchain adoption. As those changes are made, Synechron will be the first to implement them and make them ready for financial services to accelerate adoption across banks.”
Joseph Lubin, Founder and CEO of ConsenSys commented, “ConsenSys is advising providers and financial services firms on how to evolve the technologies to address evolutionary issues like scalability, interoperability and data privacy. Synechron will allow us to amplify the speed of adoption of these new technology capabilities as they are introduced to blockchain infrastructures so that their clients are working on the absolute latest blockchain infrastructures. In addition to this bandwidth extension, Synechron’s specialized financial services knowledge has already been a valuable feedback loop so that we are setting our agenda to prioritize how to evolve the technology to the unique needs of the financial services industry.”
Victor Wong, Co-Founder and CEO of BlockApps noted, “BlockApps continues to deploy within enterprises throughout the world, and we’ve found Synechron to be an ideal partner to help scale and further increase education and adoption of our customizable product. Synechron is a driving force in the financial services technology space, and their understanding of and commitment to Ethereum blockchain solutions continue to show their commitment to bleeding-edge technology.”
A current proof-of-concept looks to cut settlement time by two-thirds.