AlphaPoint Announces Completion of Blockchain Trial with Scotiabank

NEW YORK, March 02, 2017 (GLOBE NEWSWIRE) -- AlphaPoint, a financial services infrastructure firm specializing in blockchain technology, announces today that it has completed a successful proof of technology leveraging the AlphaPoint Distributed Ledger Platform (ADLP) with Scotiabank (NYSE: BNS), a leading international bank headquartered in Toronto.The AlphaPoint Platform enables firms to digitize financial instruments on its proprietary distributed ledger, rapidly create trading venues for those blockchain assets, and manage pre-trade and post-trade workflows in concert with existing systems.During technology trials, Scotiabank explored and evaluated how to leverage the platform internally across a range of use cases. A recent study conducted by Accenture and McLagan estimates financial institutions can save $8 - $12 billion per annum through at-scale use of blockchain technology, including savings of up to 70% in reporting, 50% in post-trade, and 50% in compliance.As part of the multi-month project, trade reports were submitted to a deployment of the AlphaPoint Distributed Ledger Platform, which ran simultaneously on Microsoft’s Azure cloud and AlphaPoint hardware. In real-time, the blockchain network converted FIXML messages to smart contracts and created an immutable “single truth” across the entire network.Notable features of AlphaPoint’s full-stack platform include:

• Integrated communication with legacy systems
• High throughput - thousands of events per second and sub-second confirmation times
• User-level access controls
• Deterministic smart contracts

“Distributed Ledger Technology enables institutions to rethink how data flows within their organizations,” stated Joe Ventura, Founder & CEO of AlphaPoint. “Partnering with Scotiabank is an amazing experience - their team is leading the charge by proving out pragmatic, near-term implementations of this revolutionary technology.”