IntellectEU Unveils Catalyst Platform to Incorporate Distributed Ledgers With Financial Services
Catalyst is the first integration platform that easily connects traditional infrastructures with any distributed ledger network. It is the first platform to integrate current infrastructures with multiple blockchain networks including networks built with Hyperledger Fabric. Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies. It is a global collaboration, hosted by The Linux Foundation, including leaders in finance, banking, Internet of Things, supply chains, manufacturing, and Technology.
— Hyperledger (@Hyperledger) May 8, 2018
“The financial services industry is under pressure to innovate faster than ever while continuing to run efficiently and securely, and the benefits of distributed ledger technology have provided the opportunity to re-architect the industry,” said Hanna Zubko, CEO of IntellectEU, “At the same time enterprise blockchain projects cannot run independently; they have to become an integral part of the enterprise infrastructure. Catalyst allows financial institutions to integrate their blockchain solution of choice with existing back office systems.”
As per Hyperledger blog, Zubko and Bohner explained a use case for a car insurance company, “Implementation of Blockchain technology allows not only to reduce costs and facilitate efficiencies within enterprise ecosystems but also create entirely new revenue streams. The PoC was for a car insurance company. The objective was to use Hyperledger Fabric and Catalyst to create a flexible pay per mile insurance product based on the actual car mileage and condition of the vehicle. Catalyst served as the hub for connecting the insurance database, the car dongle (IoT device), end-user mobile application and Hyperledger Fabric itself. ”
The Catalyst platform is designed for the financial services industry It has compliance with ISO 20022 standards. It facilitates interoperability across multiple business units and organizations.
Image via IntellectEU Inc Twitter Page