Provenance introduces new blockchain technology for financial sector

Provenance introduces new blockchain technology for financial sector

San Francisco-based Provenance Blockchain Foundation has reportedly announced the launch of a new public, decentralized, open sources, proof-of-stake blockchain technology designed to support the needs of the financial sector by offering a ledger, registry, and exchange across various financial markets and assets.

Notably, the latest technology substitutes the earlier permissioned Provenance blockchain solution introduced in the year 2018. Developed with the help of Cosmos SDK/Tendermint, the technology helps in reducing the need for any third-party intermediation, eventually reducing the cost and freeing up capital in fiscal transactions.

In addition to the above, it promises to offer greater transparency and liquidity for new types of financial engineering and business operations. This decentralized system will also facilitate a stronger validator framework comprising of market-driven pricing and real-time settlement.

According to June Ou, incoming President of Provenance Blockchain Foundation, the new Provenance blockchain will support the firm’s mission to transform financial services.

The technology comes with a considerable competitive advantage in the blockchain marketplace. For instance, gas fees for transactions have increased drastically on other platforms, lowering the financial savings from blockchain.

To this, Provenance will allow transactions at a fraction of cost as compared to the other blockchain platforms. The technology is built on a successful ecosystem of the original blockchain which was launched in 2018, with a range of banks and funds likely to participate on the blockchain in verticals like financing and trading, loan origination, securities exchanges, and banking and payments.

Provenance Blockchain Foundation is also expected to extend grants to developers in order to drive growth in the new ecosystem. Hash, the digital token native to the non-profit organization is the method of governance of the blockchain, as well as the mode of payment for transactions.

Hash is tradeable on a decentralized exchange led by Provenance and can be purchased by funding a wallet. 

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