Blockchain and DLT Consulting
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Besides our core product XVA Blockchain, which is focussed on capital markets, we are also offering IT consulting and implementation for other sectors in and also beyond finance.
We are living in a digital age of sound bites and buzzwords. An age where even complex technological solutions are reduced to a few words. As a result, we are witnessing a rise in cunning businesses attempting to piggyback the so-called crypto boom. Some are even doing this just by re-branding with ‘blockchain’ in their name.
Meanwhile, emerging trends suggest that distributed ledger is providing value and tangible results without the hype. Blockchain has hit the headlines on an almost daily basis alongside the rise of Bitcoin and other cryptocurrencies. However, distributed ledgers have not received the same level of focus. Words such as distributed ledger technology (DLT) and blockchain in the same sentence often leave people with more questions than answers. This is before you even bring Bitcoin into the mix to further muddy the waters.
What is a distributed ledger?
Despite confusing acronyms such as DLT in financial and Fintech circles, the good news is that this technology is relatively easy to understand. A distributed ledger is a database that exists across several locations or among multiple participants. By contrast, most companies currently use a centralised database that lives in a fixed location. A centralised database essentially has a single point of failure.
However, a distributed ledger is decentralized to eliminate the need for a central authority or intermediary to process, validate or authenticate transactions. Our clients use distributed ledger technology to process, validate or authenticate transactions or other types of data exchanges. Typically, these records are only ever stored in the ledger when the consensus has been reached by the parties involved.
All files in the distributed ledger are then timestamped and given a unique cryptographic signature. All of the participants on the distributed ledger can view all of the records in question. The technology provides a verifiable and auditable history of all information stored on that particular dataset.
What is a blockchain?
A blockchain is essentially a shared database filled with entries that must be confirmed and encrypted. An easy way to understand is to think of it as a highly secure and verified document. Each document entry is dependent on a logical relationship to all its predecessors. The name blockchain refers to the “blocks” that get added to the chain of transaction records. To facilitate this, the technology uses cryptographic signatures called a hash.
How are blockchain and distributed ledger different?
The most important difference to remember is that blockchain is just one type of distributed ledger. Although blockchain is a sequence of blocks, distributed ledgers do not require such a chain. Furthermore, distributed ledgers do not need proof of work.
Removing the intermediary party from the equation is what makes the concept of distributed ledger technology so appealing. Unlike blockchain, a distributed ledger does not necessarily need to have a data structure in blocks. A distributed ledger is merely a type of database spread across multiple sites, regions, or participants.
On the surface, distributed ledger sounds exactly how you probably envision a blockchain. However, all blockchains are distributed ledgers, but remember that not all distributed ledgers are blockchains. Whereas a blockchain represents a type of distributed ledger, it is also merely a subset of them.
How do we support your business?
Our experts join your team to discover where value is hidden. We enhance your specific project goal by onsite consulting or we provide state of the art solutions for a solid IT strategy.
Unlock the potential of blockchain and distributed ledger technology. Contact us for a case study or proof of concept. We bring specialized developers and subject matter experts from our team and partners to your project. We are always focused to make your idea operating in a productive environment.
Examples of our consulting projects and services:
Collateral Management for Cryptos