Billon launches new blockchain platform for seamlessly managing data and cash
Billon Group, the creators of a DLT system for tokenizing plus transacting and processing fiat currency, today launched Unified Enterprise DLT, a new layer-1 blockchain platform that combines 3 asset classes – national currency, data, and documents – into a single, high-performance distributed ledger (DLT).
“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.”
– Andrzej Horoszczak, Founder & CTO of Billon Group
Unified Enterprise DLT 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 wallet.
- Trusted Document Management – Enables organizations to put entire documents and even complex business logic “on-chain” – eliminating the need for costly off-line storage and expensive backups.
- Data & Other Asset Tokenization – Links multiple data and asset types to sovereign identities, to address complex multi-party data structures.
Furthermore, Unified Enterprise DLT addresses additional challenges for businesses, including:
- Multi-Issuance – 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 the 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 the ecosystem are further distributed across a network of devices.
- 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 – The entire architecture is designed for the management of partial or fully sovereign identity.
Early clients will migrate to the new Unified Enterprise DLT platform over time.
Some clients include FIS/Worldpay, the Polish Credit Bureau (BIK), Raiffeisen Bank International, ERGO Hestia insurance company, Philip Morris, and new partnerships with Sygnity.