LONDON and WARSAW, Poland, Aug. 7, 2021 /PRNewswire-PRWeb/ — Billon Group, founded in 2015 with the goal of unleashing the transformational capabilities of blockchain in the regulated world, has now launched its Unified Enterprise DLT, the latest blockchain-based, layer one protocol and system that uniquely combines three asset classes — national currency, data, and documents — into a single, high-performance distributed ledger (DLT).
The news comes as blockchain adoption is accelerating rapidly, yet often taking divergent paths with innovation around money applications being driven by often hard-to-regulate cryptocurrencies while document management systems seek ways to adapt to evolving privacy and other regulations.
Andrzej Horoszczak, founder and CTO of Billon, explains, “The Unified Enterprise DLT marks a step-change in blockchain technology. With this platform, we have moved past early architectures (which did little more than write a checksum to a hash) to a sophisticated protocol that handles the distinct regulatory needs of processing both national currency transactions and sensitive data. In doing so, for the first time, businesses gain a platform that addresses a variety of common but tricky problems that can arise wherever the movement of both data and money are critical to business.”
Significant capabilities include:
- Regulated Digital Cash. Embedded business logic governs KYC and AML limits. It enables a bank to issue digital cash and be in control of transaction limits for each individual or business wallets.
- Trusted Document Management. Lets organizations put entire documents — and even complex business logic — “on-chain”, eliminating the need for costly off-line storage and expensive backups.
- Data and other Asset Tokenization. Links multiple data and asset types to sovereign identities, to address complex multi-party data structures.
The Unified Enterprise DLT addresses additional challenges for businesses, including:
- Multi-issuance. As national currency transactions require an ecosystem, multiple financial institutions can “issue” client-backed funds in an encrypted form, similar to how a prepaid card business model works.
- High performance. With a consensus algorithm based on byzantine consensus and zero-knowledge proofs, the system delivers the highest transaction throughputs on everyday cloud networks.
- Low power consumption. As the system runs on everyday cloud, its power consumption is lower than early blockchain architectures still in use today. Further, as nodes fit on smart devices, the power requirements of an ecosystem are further distributed across a network of devices adding computational capability to the network.
- Privacy. Unlike many early blockchains, data is not visible to users who do not have the necessary keys. Even the network operator cannot see client data.
- Identity. Underpinning the entire system is an architecture built for the management of partial- or fully sovereign identity.
Wojtek Kostrzewa, CEO of Billon, adds, “With this milestone completed, blockchain can address more use cases in the global economy. In the past, companies could only optimize for their portion of global trade, and for either documents or payments, but not both. We built a blockchain that meets the performance and costs needs of any corporation and ecosystem, especially for companies who want the full benefits of blockchain and who want to minimize their power consumption and environmental impact.”
Early clients will migrate to the Unified Enterprise DLT over time. Clients include FIS/Worldpay, the Polish Credit Bureau, Raiffeisen Bank International, ERGO Hestia insurance company, Philip Morris, and new partnerships with Sygnity.
About Billon Group
Billon created a DLT protocol and system for national currency payments and document storage at scale, meeting all regulatory requirements and solving challenges for the wide adoption of blockchain technologies. With the protocol designed for high throughput and low cost of maintenance, our mission is to unleash the transformational capabilities of blockchain in the regulated world.
Billon provides client services for handling documents and regulated e-money on blockchain. The system also supports clients developing their own enterprise solutions in areas of Trusted Document Management, Regulated Digital Cash and Asset & Data Tokenization
Billon Group Ltd. was founded in the UK in 2015, following several years of R&D in Poland. Its unique DLT protocol has been supported by many R&D grants, including the EU Horizon 2020 program. Billon subsidiary companies are licensed to issue electronic money by regulators in the UK and Poland.
Billon’s growing partner list includes leading companies such as FIS, Raiffeisen Bank International and BIK (the Polish credit reporting agency). Billon has offices in London and Warsaw.
For more information, visit http://www.billongroup.com. Follow Billon Group on LinkedIn & Twitter & Facebook.
Nancy Broe, Full Tilt Consulting, +1 678-230-9146, [email protected]
SOURCE Billion Group