Synechron/Bank Custodian Blockchain POC Takes Disaster Recovery/Resiliency to the Next Level Wednesday, January 24, 2018 - New York
Disaster recovery and resiliency are major challenges for the financial services industry with many new, innovative initiatives being explored on how to address this across peer-to-peer networks. Synechron was asked by a large custodian bank to analyze existing and evolving standards and to develop a decentralized application (DApp) that would build on them to enhance resiliency and protect customer information. One of those standards proposes effectively storing and restoring data on online platforms known as vaults. These vaults can protect client data by creating a location that can only be accessed by the depositor and the intended custodian.
The Proof of Concept (POC) set out to prove for the Custodian that by using a distributed network to implement this standard, client data will be more secure as it will not be centralized in a single location. This model, in combination with the latest encryption software, would create even more vaults that could be used safely without fear of data loss.
To prove this, Synechron needed to use a combination of Blockchain and Distributed Ledger Technology, and therefore, selected Public Ethereum for its strong cryptography and private, secure solution. With this method, Synechron can support the financial services sector’s efforts to achieve great data resiliency.
Using the platform, depositors can drop a file into the vault, instantly generating a hash that can be used in the blockchain. Once sent to the blockchain, the data becomes immutable and securely stored. With the use of a smart contract factory, multiple instances of each file can be created, allowing for a scalable, high volume solution that can suit a range of client demands.
Available on a public network, users can either hold a distributor or custodian role and access the server through a cryptographic key. Users can then track the transaction history to obtain a reliable digital record of previous transactions.
The solution uses HTML, CSS and angular JS front end to support scalable pilot applications hosted on the Microsoft Azure cloud.
Synechron is a global consulting and technology organization providing innovative solutions to the financial services industry through its three main business focus areas: digital, business consulting, and technology. Based in New York, the company has 18 offices around the globe, with over 8,000 employees producing over $500+M in annual revenue. For more information on the company please visit the website or our LinkedIn community.
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